BlackBerry wins $815 million in dispute with Qualcomm

A man walks past an old Toronto Stock Exchange sign in Toronto

Interest and "reasonable attorneys' fees" could be added to the sum after a hearing on May 30.

BlackBerry said Wednesday it has been awarded US$815 million in an arbitration decision for excess royalties it had paid to chip company Qualcomm.

Both companies agreed to arbitration proceedings, which led to the award announced today.

Canada's main stock index fell on Wednesday, as losses for its heavyweight financial and natural resource sectors offset a sharp boost in BlackBerry Ltd shares after it won an arbitration ruling against chipmaker Qualcomm Inc.

BlackBerry's agreement to use Qualcomm's modems and other technology in its smartphones involved a bulk prepayment of royalty fees based on the expected sales volume of the devices, according to the San Diego Union Tribune.

BlackBerry chief executive John Chen said the two companies have a longstanding relationship and continue to be valued partners.

BlackBerry contended that it overpaid royalties to Qualcomm.

In a statement, Qualcomm said it disagrees.

Question is, with other manufacturers of cell/smartphones (think Samsung (OTC:SSNLF), Apple (NASDAQ:AAPL) et al) also claiming the same thing regarding Qualcomm overcharging for patents, is Qualcomm's goose cooked for now? The suit contends that Qualcomm insists on onerous royalties for its technologies and demands royalties for technologies it didn't develop-such as Apple's Touch ID. The stock is also on track for the biggest one-day percentage gain since it climbed 29.7% on January 14, 2015. Moreover, since 2011, Qualcomm has been under investigation for competition violations in the European Union region.

He increased the price target to US$9.50 from US$8.

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