Apple Settles Lawsuit Regarding Siri to the Tune of $24.9 Million
Back in October 2014 Patently Apple posted a report regarding Dynamic Advances suing Apple over Siri infringing on an invention patented by two professors from the Rensselaer Polytechnic Institute. The patent in question had been cited in patent applications from HP, IBM, Google and Apple. Early this morning Morningstar noted that Dynamic Advances, LLC, a wholly-owned subsidiary of the Company, entered into a settlement agreement under which the Company agreed to dismiss with prejudice the pending litigation in the United States District Court of and for the Northern District of New York "Rensselaer Polytechnic Institute and Dynamic Advances LLC v. Apple Inc."
The report noted that "Under the terms of the settlement Apple will receive a patent license from Dynamic Advances and a 3-year covenant not to sue from the Company. Other than as contained herein, the terms of the settlement are confidential."
Further, "Apple will pay $24.9 million under the settlement agreement. $5 million is payable upon dismissal of the pending litigation and an additional $19.9 million upon the occurrence of any one of the following:
Consent to the license by Rensselaer Polytechnic Institute ("RPI");
Dismissal of the pending litigation with prejudice;
A final decision by a court holding that Dynamic Advances has authority to grant the license in the settlement; or
The expiration or invalidity of the patents in suit.
It appears that the information was discovered in NASDAQ Securities filing.
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