BlackBerry Limited (BB)

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BlackBerry halted; awarded $815M from Qualcomm payments

Apr. 12, 2017 7:50 AM ET|About: BlackBerry Ltd. (BBRY)|By: Jason Aycock, SA News Editor
BlackBerry (NASDAQ:BBRY) was halted for news pending and announced a binding interim arbitration decision giving it $814.9M in royalty overpayments it made to Qualcomm (NASDAQ:QCOM).

A final award -- which would incorporate interest and attorneys' fees -- is set for a May 30 hearing.

The two entered arbitration last spring to decide whether a Qualcomm royalty cap applied to some payments made by BlackBerry.

The two companies "have a longstanding relationship and continue to be valued technology partners," says BlackBerry chief John Chen, alluding to continued work together on security for ASICs and solutions for the automotive industry.

Shares were flat at last trade after declining 0.1% yesterday.

It's set to resume trading at 8:15 a.m.

Updated 7:58 a.m.: QCOM is down 0.9% premarket.

Updated 8:15 a.m.: BBRY has resumed trading, up 10.4%.

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