Apple Stock News: Apple Ordered to Pay Fine in Patent Case

Apple Stock News

In 2010 Virnet X Holding Corporation, a company who creates revenue through patent licensing, made allegations that both Apple’s FaceTime and virtual private networks infringed upon their patent. The case against Apple was originally thrown out in 2014 after the U.S. Court of Appeals ruled that erroneous jury instructions “tainted” the verdict.

Apple Stock News

Virnet X and Apple held new proceedings with the federal appeals court, where the courts sided with Virent X and concluded the Apple did indeed violate patent laws. As a result of the ruling, Apple was ordered to pay $625.6 million to the Nevada-based Holdings Company. This is the second major fine that Apple has had to pay in recent months, including a settlement for $981 million to Italian authorities for tax evasion.

A spokeswoman for Apple told the Wall Street Journal that the company is “surprised and disappointed by the verdict.” She confirmed that Apple plans on appealing the verdict.


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