Early Reports Indicate Vringo's Court Victory Worth Over $500 Million
Sources in the Virginia courtroom who saw a jury award Vringo's (AMEX:VRNG) subsidiary I/P Engine $32M in past damages plus 3.5 percent royalties on its patents until they expire in 2016 say the deal will total more than $125 Million per year for five years.
The federal jury awarded judgements against a handful of technology giants, including Google Inc (NASDAQ: GOOG),AOL (NYSE:AOL), Target (NYSE:TGT) and Gannett (GCI) in the widely publicized lawsuit.
More details to follow as they develop.
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Source: Equity Brief via Thomson Reuters ONE
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