RIM Paying Nokia $65 Million for Patent Settlement

RIM Paying Nokia $65 Million for Patent Settlement

Nokia had threatened an attempt to ban BlackBerry sales if RIM and Nokia could not agree on licensing for a WLAN patent. RIM quickly acknowledged the issue and the two companies made agreements.

It was discovered in a filing of 6-K with the SEC that RIM will be paying Nokia a one-time payment of $65 million for the settlement. “On December 21, 2012, Nokia and RIM announced that they have entered into a new patent license agreement,” RIM noted in a 6-K filing with the SEC.

“The agreement will result in the settlement of all patent litigation between the companies and Nokia’s dismissal of all pending actions in the United States, United Kingdom, Canada and Germany. The financial structure of the agreement includes a lump sum EUR50m (approximately $65m) one-time payment, which has been recorded in the Company’s consolidated statement of operations in the third quarter of fiscal 2013.”

via BGR

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