Apple Forced to Pay $533 Million in iTunes Patent Lawsuit

Shares of Apple dragged markets lower on Wednesday making it TheStreet's Move of the Day.
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Shares of Apple dragged markets lower on Wednesday making it TheStreet's Move of the Day. Apple slid after a federal jury in Texas ordered the tech giant to pay nearly $532.9 million after infringing on patents held by Smartflash. Patent licensing firm Smartflash first sued Apple back in mid-2013 arguing the company had infringed upon three of its patents involving storage of music and videos on its popular music platform iTunes. Texas-based Smartflash had originally sought $852 million in damages. Apple has vowed to appeal the jury's decision. The world's largest company had previously asked for the case to be thrown out.