NEW YORK (TheStreet) -- Shares of Vringo Inc. (VRNG - Get Report) are up 2.13% to $4.09 on Wednesday after the company announced it settled the U.S. and German IP suits brought against Tyco International (TYC - Get Report).
The company, which develops software for mobile phones, released a statement regarding the settlement but said terms are confidential.
Vringo sued Tyco in September 2013 over its security systems which the company said infringed on the remote monitoring and surveillance patent Vringo bought from Nokia Corp. (NOK - Get Report) in 2012.
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