Qualcomm was ordered to pay this sum in an arbitration settlement to BlackBerry to cover royalties for some past sales. This ruling has resulted in shares of BlackBerry rising by 17 per cent in both the US and Canada to $9.07 and $12.03 per share respectively.
“BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners,” said John Chen, Executive Chairman and CEO of BlackBerry in a statement. “We are pleased the arbitration panel ruled in our favour and look forward to collaborating with Qualcomm in security for ASICs and solutions for the automotive industry.”
The dispute began last year after Qualcomm’s decision to cap certain royalties applied to payments made by BlackBerry under a licensing deal, according to Reuters. Even though Qualcomm is not in agreement with this decision, they said that the payment is binding and not appealable.
In a release issued today, BlackBerry said that a final award will be issued after a hearing at the end of May to cover interest and attorneys’ fees.
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