Tessera Technologies, Inc. (NASDAQ:TSRA) Gets Confirmation Of California Court On Patent Infringement By Amkor Technology, Inc. (NASDAQ:AMKR)

Boston, MA 10/13/2014 (wallstreetpr) – Tessera Technologies, Inc. (NASDAQ:TSRA) disclosed that a court in California has confirmed that Amkor Technology, Inc. (NASDAQ:AMKR) has infringed the patent of the company. The court has also confirmed the judgment of $128.34 million plus interest from the judgment date against Amkor.

Patent Infringement

The company said that the U.S. Patent Office had earlier confirmed the patentability of important claims on the patent made by it that Amkor had challenged in a proceeding of inter partes review or IPR, its statement revealed. One of the several issues in the arbitration was the patent.

The California’s Superior Court delivered an order in response to a petition filed by Tessera to confirm enforcement of the earlier award granted by the International Court of Arbitration. On the other hand, Amkor Technology, Inc. (NASDAQ:AMKR) has not only opposed the confirmation of the earlier award but also filed a petition to vacate, correct or modify the award. It charged the arbitrator of exceeding their authority. The company has also filed a petition to stay.

While granting Tessera’s petition, the Superior Court has denied Amkor its petition and motion apart the entered judgment in favor of Tessera Technologies, Inc. (NASDAQ:TSRA). As a result, the Court ordered Amkor to pay Tessera an amount of approximately $112.85 million as damages and $15.48 million as pre-judgment interest. This apart, the Court has also ordered Amkor to pay the interest for the post-judgment period. Based on the unpaid principal amount, interest on the post-judgment would be about $30,918 a day.

Counsel Comments

General Counsel for Tessera Technologies, Inc. (NASDAQ:TSRA), Paul Davis, expressed the hope that Amkor would live up to its agreement and remit the amount rather than indulging in delaying tactics by continuing to challenge the award through endless appeals. He pointed out that both the courts and the Patents office have ruled in favor of Tessera and rejected the claims made by Amkor Technology, Inc. (NASDAQ:AMKR).

The International Court of Arbitration found that Amkor breached the agreement struck between Tessera and Amkor and awarded damages.

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Published by Donna Fago

I believe in writing content Informing investors with the knowledge they need to invest better today- I have been following the markets for many years and was asked to join the team at WallStreetPR.com recently due to my passion for the markets.