BlackBerry Awarded U.S. $814,868,350.00 in Arbitration Against Qualcomm
BLACKBERRY LTD COMMON (BBRY)
US:NASDAQ Investor Relations:
us.blackberry.com/company/investors
Company Research
Source: Marketwire
WATERLOO, ONTARIO -- (Marketwired) -- 04/12/17 -- BlackBerry Limited (NASDAQ:BBRY)(TSX:BB) announced today a binding interim arbitration decision awarding BlackBerry $814,868,350.00 in royalty overpayments made to Qualcomm Incorporated. A final award including interest and reasonable attorneys' fees will be issued after a hearing on May 30, 2017. On April 20, 2016, BlackBerry and Qualcomm entered into an agreement to arbitrate a dispute regarding whether Qualcomm's agreement to cap certain royalties applied to payments made by BlackBerry under a license agreement between the parties. The binding arbitration hearing was held in San Diego, California from February 27, 2017 to March 3, 2017 under Judicial Arbitration and Mediation Services rules. BlackBerry was represented by Sullivan & Cromwell LLP in the proceeding. "BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners," said John Chen, Executive Chairman and CEO of
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