Shares of Qualcomm jumped 22 per cent in late afternoon trading, their biggest gain in more than 19 years.[SAN DIEGO] Qualcomm Inc on Tuesday won a major victory in settling its wide-ranging legal dispute with Apple Inc, signing a six-year patent license deal and a supply agreement that could pave the way to getting its modem chips back in the iPhone, which featured only Intel Corp chips last year.
Shares of Qualcomm jumped 22 per cent in late afternoon trading, their biggest gain in more than 19 years. Apple stock was up marginally. A jury of six men and three women was in the process of hearing opening arguments from Apple and Qualcomm when news of the settlement broke. "The two parties have reached the ideal conclusion," Judge Curiel told the jury before dismissing them."This development allows these tech companies to get back to business, and it will permit you to get back to your affairs."Apple filed a US$1 billion lawsuit against Qualcomm in January 2017, accusing the chipmaker of overcharging for chips and refusing to pay some US$1 billion in promised rebates.
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