SAN FRANCISCO: iPhone maker Apple and American microchip manufacturer Qualcomm said on Tuesday they have agreed to"dismiss all litigation" against each other in a sprawling battle over royalty payments.
The deal includes a six-year license agreement with the option to extend for two years, and a payment to Qualcomm from Apple, the companies said.The two tech industry heavyweights were due to begin opening arguments in a federal courtroom on Tuesday in San Diego, California. With the settlement, Qualcomm avoids what had promised to be a high-stakes battle that could have resulted in billions in payments to Apple.
Apple accused the company of abusing its market-dominant position to charge exorbitant amounts for its chips or access to its patents. Qualcomm, which earns a significant chunk of its revenue from royalties it charges for its patented technology, denied the allegation and in turn accused Apple of abusing its position and using the courts as a tool to push prices down.Word of the deal sent Qualcomm's shares soaring on Wall Street, with the company's stock up 21.1 per cent around 1940 GMT.Source: AFP/de
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