BlackBerry Awarded $814.9 Million in Arbitration Against Qualcomm

By Imani Moise 

BlackBerry Ltd. said Wednesday that it will receive a $814.9 million refund from Qualcomm Inc. after entering into binding arbitration to settle a dispute over a licensing agreement.

The award ends a year-long dispute between the two technology firms on whether Qualcomm's agreement to cap certain royalties applied to payments made by BlackBerry under license.

A final award including interest and attorneys' fees will be issued after a hearing next month.

"BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners," said BlackBerry Chief Executive John Chen.

BlackBerry stock, which was temporarily halted for news, rose 15% premarket. Shares in the Canadian company have risen 8.3% over the past three months through Tuesday's close.

Qualcomm said it doesn't agree with the decision but is unable to appeal. The company added that the arbitration decision is unique to its license agreement with BlackBerry and has no impact on any other license.

Qualcomm shares edged 1.1% lower premarket.

Write to Imani Moise at [e-mail]

(END) Dow Jones Newswires

April 12, 2017 08:53 ET (12:53 GMT)

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