- 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.
