Nokia Gets Decision in Patent Arbitration With LG Electronics
September 18 2017 - 3:24AM
Dow Jones News
By Dominic Chopping
Nokia Corp. (NOK) said Monday it has received a decision in its
patent license arbitration case with LG Electronics Inc.
(066570.SE).
The International Court of Arbitration of the International
Chamber of Commerce has issued its award, settling the royalty
payment obligations LG must pay Nokia for using smartphone
patents.
LG took a royalty-bearing smartphone patent license from Nokia
in June 2015 and the companies agreed that an independent
arbitration would be used to resolve the payment obligations.
Details of the arbitration award and license agreement remain
confidential, but Nokia said it will disclose its patent licensing
revenue in its quarterly reports and expects revenue from this
agreement to be recognized in the third quarter of 2017, with
additional revenues expected during the term of the agreement.
"The use of independent arbitration to resolve differences in
patent cases is a recognized best practice," Nokia's chief legal
officer Maria Varsellona, said in a statement.
"We believe that this award confirms the quality of Nokia's
patent portfolio. We continue to see potential for additional
licensing opportunities in the mobile communications market and
beyond."
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
September 18, 2017 03:09 ET (07:09 GMT)
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