Samsung Shares Surge as Judge Slices Apple's $1 Billion Patent Case Award in Half
It was a good weekend for Samsung. On Friday, a judge cut a $1.05 billion jury award owed to Apple nearly in half, reducing the amount by more than $450 million dollars. This apparently sat well with investors over the past two days, as shares of Samsung rose 0.7 percent higher only minutes after the market opened in South Korea on Monday.
"Some of the awards rested on impermissible legal theories," U.S. District Judge Lucy Koh wrote in her ruling.
A jury originally awarded Apple $1.05 billion in damages after siding with the Cupertino company in a case that accused Samsung of essentially copying the look and feel (design and software) of iDevices like the iPhone and iPad. The contentious court case took its share of twists of turns before it was all said and done, though the nine-panel jury only deliberated for just three days before issuing its verdict. Samsung didn't win anything on its counterclaims.
"We are pleased that the court decided to strike $450,514,650 from the jury award," Samsung said in a statement. "Samsung intends to seek further review as to the remaining award."
According to Koh, the jury incorrectly calculated part of the damages award and determined that a new trial is needed to come up with a final dollar amount. The new trial will focus on 14 devices, including the Galaxy Prevail, Gem, Indulge, Infuse 4G, Galaxy S II, Captivate, Continuum, Droid Charge, Epic 4G, Exhibit 4G, Galaxy Tab, Nexus S 4G, Replenish, and Transform. An award of nearly $599 million for 14 separate devices still stands.
"Some of the awards rested on impermissible legal theories," U.S. District Judge Lucy Koh wrote in her ruling.
A jury originally awarded Apple $1.05 billion in damages after siding with the Cupertino company in a case that accused Samsung of essentially copying the look and feel (design and software) of iDevices like the iPhone and iPad. The contentious court case took its share of twists of turns before it was all said and done, though the nine-panel jury only deliberated for just three days before issuing its verdict. Samsung didn't win anything on its counterclaims.
"We are pleased that the court decided to strike $450,514,650 from the jury award," Samsung said in a statement. "Samsung intends to seek further review as to the remaining award."
According to Koh, the jury incorrectly calculated part of the damages award and determined that a new trial is needed to come up with a final dollar amount. The new trial will focus on 14 devices, including the Galaxy Prevail, Gem, Indulge, Infuse 4G, Galaxy S II, Captivate, Continuum, Droid Charge, Epic 4G, Exhibit 4G, Galaxy Tab, Nexus S 4G, Replenish, and Transform. An award of nearly $599 million for 14 separate devices still stands.
