Marvell To Pay $1.2 Billion To Carnegie Mellon University For Infringement |
| International Business Times - Dec 27, 2012 |
A Pennsylvania jury ruled that Marvell Technology Group Ltd. (NASDAQ: MRVL) must pay Carnegie Mellon University $1.17 billion for patent infringement.
Marvell's shares declined on Wednesday following the jury verdict and closed regular trading down 85 cents, or 10 percent, to $7.40. Its shares were off another 21 cents, or 2.8 percent, in after-hours trading. In midday trading on Thursday, shares of the Santa Clara, Calif., chipmaker recently changed hands at $7.21.
The case was heard in Pittsburgh's U.S. District Court for the Western District of Pennsylvania. The San Jose Mercury News said that U.S. District Judge Nora Barry Fischer could impose damages three times the verdict, after a jury determined that Marvell’s infringement was willful.
The case involved technology that allows data to be read at higher-speeds and with more precision on hard drives. The jury found that Marvell used technology patented by Carnegie Mellon University in several of its products. Specifically, the university accused Marvell of using its patented technology in as many as nine inventions, according to Investors.com.
Read Full Article from International Business Times
- Posted: 2012-12-27 16:38:34
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