Caltech Wins $1 Billion Verdict Against Apple, Broadcom

Jury awards California Institute of Technology $1.1 billion in patent case against Apple and Broadcom involving iPhone parts.
Author:
Updated:
Original:

The California Institute of Technology said Wednesday that it has won a $1.1 billion jury verdict in a patent case involving iPhone components against Apple AAPL and Broadcom  (AVGO) - Get Report, according to published reports.

Caltech, as the Pasadena, Calif. research university is known, sued in 2016, claiming that chips from Apple supplier Broadcom that were used in iPhones infringed on Caltech patents on wi-fi transmissions.

Representatives from Apple and Broadcom could not be reached late Wednesday, but Reuters reported Apple said it will appeal the verdict.

The verdict awarded Caltech $837.8 million from Apple and $270.2 million from Broadcom, according to reports.

“We are pleased the jury found that Apple and Broadcom infringed Caltech patents,” Caltech said in a statement. “As a non-profit institution of higher education, Caltech is committed to protecting its intellectual property in furtherance of its mission to expand human knowledge and benefit society through research integrated with education.”

Apple is a holding in Jim Cramer's Action Alerts Plus. Find out what he's telling his investment club members and get in on the conversation with a free trial subscription to Action Alerts Plus.