Vringo, Inc. (NYSE MKT: VRNG), a company engaged in the innovation, development and monetization of mobile technologies and intellectual property, today provided a summary of three motions filed with the Court last night in its wholly-owned subsidiary I/P Engine, Inc.'s litigation against AOL, Inc., Google, Inc., IAC Search & Media, Inc., Gannett Company, Inc., and Target Corporation (collectively, "Defendants"). The summary is qualified in its entirety by the text of the court filings, which are online at www.VringoInc.com under the heading "Enforcement Activities".
On November 6, 2012, a jury in U.S. District Court in Norfolk, Virginia ruled in favor of I/P Engine and against Defendants with respect to Defendants' infringement of the asserted claims of U.S. Patent Nos. 6,314,420 and 6,775,664. After finding that the asserted claims of the patents-in-suit were both valid, and infringed by Defendants, the jury found that reasonable royalty damages should be based on a "running royalty," and that the running royalty rate should be 3.5%. On November 20, the clerk entered the Court's final judgment. I/P Engine presented evidence at trial that the appropriate way to determine the incremental royalty base attributable to Google's infringement was to calculate 20.9% of Google's U.S. AdWords revenue, then apply a 3.5% running royalty rate to that base.
I/P Engine's Motion for an Award of Post-Judgment Royalties [ http://bit.ly/UPYkFh]In this motion, I/P Engine requested that the Court order Defendants to pay an ongoing running royalty for their continuing infringement of I/P Engine's patents from November 20, the date of the entry of final judgment, until either (i) Defendants cease their infringement or (ii) April 4, 2016, the expiration date of the patents. I/P Engine argued that the Court should conclude that an upward adjustment to a 5% running royalty rate for Defendants' ongoing post-judgment infringement is appropriate. I/P Engine's damages expert, Dr. Stephen Becker, also reached the conclusion that there is no reason to depart downward from the 5% royalty rate because the patents are known to be valid and the patented technology is acknowledged to be "mission critical" for Google. Further, I/P Engine argued that Defendants' ongoing infringement is undisputedly willful because Defendants are fully aware that their use of AdWords has been adjudged to infringe all of the asserted claims of the valid and enforceable patents-in-suit. Therefore, I/P Engine requested that the Court enhance the ongoing royalty rate to 7% in light of Defendants' ongoing willful infringement.
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