Apple, Broadcom told to pay Caltech $1.1B in patent lawsuit
Apple was on the hook for nearly $838M of the damages awarded in a lawsuit
A federal jury on Wednesday decided that Apple Inc. and Broadcom Inc. must pay $1.1 billion to the California Institute of Technology for infringing on patents.
Apple was on the hook for nearly $838 million of the damages awarded in a lawsuit that said Broadcom used its patented Wi-Fi data transmission technology in computer chips that went into iPhones, iPads, Apple Watches and other Apple devices.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 166.82 | +0.98 | +0.59% |
| AVGO | BROADCOM INC. | 1,248.70 | +24.24 | +1.98% |
Caltech, the superstar tech school based in Pasadena, said it was pleased by the verdict of the Los Angeles jury.
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“As a non-profit institution of higher education, Caltech is committed to protecting its intellectual property in furtherance of its mission to expand human knowledge and benefit society through research integrated with education," a school statement said.
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Emails seeking comment from Cupertino-based Apple and Broadcom weren't immediately returned Wednesday night but they are expected to appeal.
Last week, San Jose-based Broadcom announced it had reached agreements to supply components to Apple devices released for the next three years.
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It wasn't immediately clear what impact the lawsuit award would have on those deals, which Broadcom said could generate $15 billion in revenues.