Reuters is reporting that Apple has come to a license agreement with Nokia, which is to end all patent litigation. Apple will be handing Nokia a one-time payment, plus recurring royalties for the licenses.
Here’s an excerpt from the announcement:
Nokia announced that it has signed a patent license agreement with Apple. The agreement will result in settlement of all patent litigation between the companies, including the withdrawal by Nokia and Apple of their respective complaints to the US International Trade Commission.
The financial structure of the agreement consists of a one-time payment payable by Apple and on-going royalties to be paid by Apple to Nokia for the term of the agreement. The specific terms of the contract are confidential.
This legal battle had been on going for some time, with Nokia first suing Apple in the fall of 2009. Apple returned fire with their own counter-suit, and things volleyed back and forth for nearly two years. This entire dispute was over wireless technologies and their implementation.
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