US Supreme Court Just Saved Apple $503M After Putting An End To A 14-Year-Long Legal Battle
Portfolio Pulse from Rounak Jain
The U.S. Supreme Court has ended a 14-year legal battle between Apple and VirnetX by refusing to hear an appeal from VirnetX. This decision means Apple Inc. (NASDAQ:AAPL) will not have to pay $502.8 million in damages previously awarded to VirnetX in 2020 over internet-security patent infringements. The Supreme Court's refusal upholds a lower court's decision to overturn the verdict against Apple and supports the USPTO's invalidation of VirnetX's patents.
February 21, 2024 | 8:25 am
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Apple Inc. avoids a $502.8 million payout to VirnetX, following the Supreme Court's decision to not hear the patent case appeal, effectively ending a 14-year legal dispute.
The Supreme Court's decision to not hear VirnetX's appeal is a significant legal victory for Apple, directly impacting its financial liabilities by avoiding a substantial $502.8 million payout. This resolution removes a major legal overhang and potential financial burden, likely positively influencing investor sentiment and potentially Apple's stock price in the short term.
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