BlackBerry accepts ruling of International Chamber of Commerce International Court of Arbitration in payment dispute filed by Nokia
Dec 4, 2017
WATERLOO, ONTARIO--(Dec. 1, 2017) - BlackBerry Limited (NYSE:BB)(TSX:BB) today announced that the International Chamber of Commerce's International Court of Arbitration has ruled against the company in a contract dispute with Nokia Corporation.
On April 28, 2016, Nokia filed a Request for Arbitration with the International Chamber of Commerce International Court of Arbitration. The dispute related to whether certain payments allegedly due under a patent license contract between the companies are in fact owed to Nokia under the terms of the agreement. On November 29, 2017, the arbitration panel awarded Nokia approximately $137 million.
The dispute did not involve any allegations of IP infringement and BlackBerry is continuing to pursue patent infringement claims against Nokia via suits filed in both Germany and the U.S.
In a prepared statement the company said: "BlackBerry is disappointed that the Court of Arbitration did not agree with our arguments in the case but we accept their decision. This ruling does not change BlackBerry's assertion that Nokia is infringing on our intellectual property and we are continuing to vigorously pursue legal remedies in both the U.S. and Germany."
BlackBerry will record the amount of the award as a one-time GAAP-only charge.
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