Tessera Technologies, Inc. (NASDAQ: TSRA) (the “Company”) announced today that the International Court of Arbitration of the International Chamber of Commerce (ICC) issued an award in favor of Tessera, Inc. in its dispute with Amkor Technology, Inc. Based on a preliminary review of the award, Tessera, Inc. now expects to receive in excess of $130 million from Amkor, in addition to the approximately $20 million Amkor paid to Tessera, Inc. in the third quarter of 2012 in connection with the current dispute.
“We help advance innovation by rewarding engineers whose inventions have been successfully implemented by commercial entities,” said Bernard J. “Barney” Cassidy, president of Tessera Intellectual Property Corp. “We are grateful that the tribunal has ruled in our favor in this dispute – by doing so they have confirmed the strength of the Tessera, Inc. patent portfolio as well as the bedrock legal principle that companies should abide by their agreements.”
The current arbitration, which began in 2009, marks the second time the two companies have gone to the ICC to resolve the amount of royalties owed in connection with the now-terminated patent license agreement. The first arbitration lasted three years and in 2009 resulted in an award to Tessera, Inc. of $64.1 million. The next part of the current arbitration will involve calculations by damages experts to determine the precise amount owed. Under the rules of the case and of the ICC, the parties have only a limited ability to make public disclosures about the arbitration. As such, the precise amount and timing of Amkor’s payment is not available.
Tessera, Inc. will also continue to pursue additional patent damages and equitable remedies in further proceedings before the ICC, as well as in the United States District Court, based in part on the arbitration tribunal’s finding that Amkor’s advanced packaging technology uses Tessera, Inc.’s intellectual property.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV