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Apple Plans to Appeal $300 Million Jury Award




Apple Plans to Appeal $300 Million Jury Award


© TheStreet
Apple Plans to Appeal $300 Million Jury Award

Apple reportedly plans to appeal a $300 million jury award to Optis Wireless Technology for infringing on its wireless patents.

The jury in the case reached a verdict Friday in the U.S. District Court for the Eastern District of Texas in Marshall after Judge Rodney Gilstrap in April threw out a $506 million jury award and set the new award trial.

In his April award ruling, Gilstrap said that Apple should have been able to argue that Optis was making unfair royalty demands, but he did not dismiss the jury’s liability judgment against Apple.

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Following the jury’s verdict, an Apple spokesman said that the company was disappointed and would appeal the award, according to a Reuters report.

Optis in February 2019 filed a lawsuit against Apple alleging that Cupertino, Calif., iPhone-maker’s smartphones, watches and tablets were using its long term evolution patent technology. In August 2020, a jury found Apple liable in the case and awarded Optis $506 million in compensation.

Shares of Apple on Friday were down slightly 0.1% to $148.93 in after-hours trading.

Apple is a holding in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL? Learn more now.

This article was originally published by TheStreet.

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