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Apple Inc. (NASDAQ:AAPL) And Samsung Electronics End Tug Of War On Intellectual Property Outside The U.S.

Boston, MA 08/07/2014 (wallstreetpr) – Apple Inc. (NASDAQ:AAPL) and Samsung Electronics, announced that the two companies have agreed mutually to do away with the global patent war, by dropping all lawsuits filed against one another in countries beyond the boundary of the U.S. The companies announced simultaneously that all the claims in Italy, France, U.K., Netherlands, Germany, South Korea, Japan and Australia were in the process of being dropped.

The Worldwide Patent War Comes To An End

The agreement depicted the fact that both the companies were in proximity with the conclusion of end of this patent war which rooted from the touch-screen Smartphone market. Earlier, Apple Inc. (NASDAQ:AAPL) said that Samsung had imitated its iPhone designs. In the meanwhile, Samsung had alleged that Apple was making use of its patented wireless transmission technology without prior approval from the company.

Mutual Dropping of Charges

In a statement issued by both the companies, it was said that both Apple Inc. (NASDAQ:AAPL) as well as Samsung have mutually agreed on the terms to drop all forms of litigation outside the States. However, they also announced that the agreement is not inclusive of licenses arrangements and that; both these companies were chasing existing cases within the U.S. courts.

Background

It is quite interesting to see that over the time duration of previous three years, Apple and Samsung, both of which compete with each other in the smartphone market, filed more than 40 lawsuits against one another. As per the new pact signed by two, all these 40 patents will be called off outside America.

Interestingly, the lawsuits filed by Apple against Samsung in America are largely on its side only. In May 2014, California court awarded Apple an amount worth $119 million out of $2.2 billion case filed against Samsung. In 2012, in yet another ruling, Samsung was ordered to pay $1 billion to Apple Inc. (NASDAQ:AAPL). At present, Samsung is appealing to higher courts against both the aforementioned rulings.

Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.



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