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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.

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.