Verizon, Huawei Resolves Two Mid-Trial Patent Lawsuits: Bloomberg

Verizon Communications Inc (NYSE:VZ) and Huawei Technologies Co have agreed to resolve two mid-trial patent-infringement lawsuits over royalties on telecommunications technology, Bloomberg reports.
The terms of the settlement remain undisclosed. U.S. District Judge Rodney Gilstrap approved the joint motion to dismiss the cases today.
Huawei alleged Verizon of using the former’s patented networking technology without a Marshall, Texas lawsuit license.
Huawei argued that Verizon infringed its three patents. Verizon denied the allegations.
Verizon blamed Huawei for the contractual obligation breach by demanding an unfairly high royalty rate. It accused Huawei of unfair competition by defrauding the standard-setting board.
The second trial, over Huawei patents for network infrastructure and Verizon’s Smart Family and One Talk applications, was scheduled for October in Waco, Texas.
Price action: VZ shares traded higher by 0.17% at $56.17 on the last check Monday.