Apple Shares Drop on Bad Trial News, New Trial Date Set for 14 Samsung Products
March 4, 2013 1:52 PM
Samsung gets a nice boost from court win
Judge Lucy Koh
U.S. District Court for the Northern District of California
dropped a bombshell on Apple
, Inc. (
), effectively tossing $400M USD in damages from the $1.05B USD jury verdict against Samsung Electronics Comp., Ltd. (
The modification was due to a mistake in how the damages were calculated by the jury on 14 products. At least part of that sum may come back, as Judge Koh ordered the two to participate in a new damages trial. The products involved in that trial will be Samsung's:
Galaxy SII for AT&T
Nexus S 4G
Judge Koh writes, "The court has identified an impermissible legal theory on which the jury based its award and cannot reasonably calculate the amount of excess while effectuating the intent of the jury."
[Image Source: Reuters]
Samsung, while disappointed at Judge Koh's decision not to review the merit of the verdict, cheered the damage vacation,
, "We are pleased that the court decided to strike $450,514,650 from the jury's award. Samsung intends to seek further review as to the remaining award."
Apple shares fell nearly 1.8 percent on the news, while Samsung shares rallied 1.1 percent upwards.
Samsung will be appealing the overall verdict in the appeals circuit. The South Korean phone giant should be aided by the fact that the
U.S. Patent and Trademark Office
(USPTO) has filed preliminary invalidation rulings regarding
two of the
key Apple utility patents
involved in the case. Samsung faces one other additional trial in which Apple
claims patent violations
against Samsung's newer products.
"We’re Apple. We don’t wear suits. We don’t even own suits." -- Apple CEO Steve Jobs
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