Apple Stock News: Qualcomm CEO Reports Possible Settlement in Sight

Apple Stock News

For the latest Apple Stock News, AAPL closed at $149.56 on, July 17th, 2017. It had a gain of 0.35% from its previous close on July 16th, 2017, at $149.04 per share.

Apple Stock News

Apple and Qualcomm continue on with their messy legal battle that began in early 2017. However, Qualcomm CEO Steve Mollenkopf is optimistic that the companies will reach an out of court settlement soon. “There’s not really anything new going on,” Mollenkopf explained. “Those things tend to get to resolved out of court and there’s no reason why I wouldn’t expect that to be the case here.”

Nonetheless, Mollenkopf explained that he has no inside information about a deal being imminent. He made similar comments back in February, but that was long before the court battle escalated to its current level.

The fight between Apple and Qualcomm started in January, after the FTC complained that Qualcomm had engaged in shady patent licensing deals. Apple sued Qualcomm for over $1 billion dollars, alleging Qualcomm charged Apple for royalties on technology it did not create, and refusing to pay quarterly rebates. Qualcomm reportedly overcharged Apple by billions of dollars by double charging patent licensing agreements. On the other hand, Qualcomm stated that it believes the royalties are fair and its innovations are essential to the iPhone.

Qualcomm countersued Apple in April, accusing the company of libel and encouraging attacks on Qualcomm. Afterwards, Apple stopped making all royalty payments to Qualcomm until a court ruling.
Apple recently expanded its lawsuit against Qualcomm, and at the beginning of July, Qualcomm filed a separate patent lawsuit against Apple and asked the ITC to block imports of some Apple products.

It would serve both companies well to end this legal battle, and Mollenkopf hopes they can resolve their issues quickly.

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