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Benzinga
Benzinga
National
Anusuya Lahiri

Apple-Broadcom Win $1.1B CalTech Patent Trial

Apple Broadcom Caltech AAPL United States AVGO Broadcom Inc Los Angeles Washington D.C.
  • Apple Inc (NASDAQ:AAPL) and Broadcom Inc (NASDAQ:AVGO) persuaded a U.S. appeals court to throw out a jury verdict requiring them to pay $1.1 billion, Reuters reports. 
  • A Los Angeles federal jury found in 2020 that millions of iPhones, iPads, Apple Watches, and other devices using Broadcom chips infringed Caltech's data-transmission patents.
  • A two-tier damage award of damages of $270.2 million against Broadcom and $837.8 million against Apple that involved different royalty rates from each company is "legally unsupportable," the U.S. Court of Appeals for the Federal Circuit in Washington ruled, Bloomberg reports. 
  • The court also affirmed the jury finding that Apple and Broadcom infringed two CalTech patents but ordered a new infringement trial on a third patent. 
  • Apple is a significant purchaser of Broadcom's wireless chips, and the companies agreed in 2020 to continue their relationship into 2023.
  • Price Action: AAPL shares traded lower by 0.47% at $172.12 on the last check Friday.
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