settlement

Although the stock market as a whole is down due to America’s ongoing blowhard budget bickering, we think investors have yet another good reason to buy Nokia (which is down today 3%). RIM will reportedly make an initial payment of $65 million to Nokia for their WLAN patent settlement from a few weeks back.

The settlement came after Nokia brought a complaint against RIM in U.S., United Kingdom and Canada claiming RIM was in violation of WLAN patents. The case went to arbitration and was found to be in favor of Nokia, resulting in an undisclosed settlement. Now information of the initial lump sum came forward via RIM's 6-K filing to the U.S. Securities and Exchange Commission, in addition “ongoing payments” for the right to use Nokia’s tech will also be provided.

Say what you will about Nokia but the company does have one of the strongest patent portfolios around and since money is tight right now, they are seeking to collect where they can. While $65 million won’t save the company, that’s not a bad “bonus” to add to the books at the end of the year.

Source: All Things D; via CrackBerry

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Verizon ETF Settlement upheld

Verizon's ETF lawsuit has apparently come to a close with a California Appeals Court upholding a $21 million refund that will go to about 175,000 customers. The lawsuit came about when customers challenged Verizon's Early Termination Fees. The plaintiffs claimed that Verizon violated California consumer protection laws and similar State and Federal laws by imposing flat ETF's.

The class action settlement, originally agreed upon in 2008, was appealed twice by Verizon with the funds being held in escrow until all appeals of the case have been exhausted. Verizon could appeal to the California Supreme Court but a spokesperson for Verizon stated this ruling ended all ETF related litigation.

Scott Bursor, lead attorney for the plaintiffs, stated "Yesterday's ruling by the Court of Appeal confirms that this is a terrific settlement for Verizon Wireless customers, and now more than 175,000 of those customers will get a substantial refund."

There are no reports on how much the attorney fees in this case will be (likely millions) but the settlement breaks down to about $88 per plaintiff. They were challenging a $175 fee, which has increased since the litigation but is now prorated to comply with applicable laws. 

Verizon claims the increase and change in ETF policy is completely unrelated to the litigation.  No word if the Microsoft KIN was ever a part of the settlement agreement.

[read: nasdaq.com]

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