Both companies also not to sue each other about it for another 7 years
Nine years ago, Xerox sued Palm over a patent dispute about hand writing recognition technology. The technology that's widely used on Palm devices is known as Graffiti, but according to Xerox, is based off of technology it owns called Unistroke. The dispute was long drawn out and today both companies have reached an aggreement.
Palm says that it will pay Xerox approximately $22.5M USD for a full license that includes three Xerox patents covering Unistrokes technology. In the agreement, both companies also agreed not to sue each other over patent infringements for the next seven years.
The agreement affords Xerox and Palm "patent peace." Palm will pay Xerox $22.5 million for a fully paid-up license for three Xerox patents, including Unistrokes, and a seven-year mutual covenant not to sue for patent infringement within mutually agreed fields of use. Palm will account for the license as a charge against earnings in its fourth quarter of fiscal year 2006.
According to Palm, its parent companies ACCESS Co., Ltd., and 3Com Corp. will also receive full and unconditional release from litigation. Both companies are also entitled to the rights to use the licenses that Palm has paid for.
"Spreading the rumors, it's very easy because the people who write about Apple want that story, and you can claim its credible because you spoke to someone at Apple." -- Investment guru Jim Cramer
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