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Sunday, November 29, 2015 5:25:37 PM
Vringo, Inc. (NASDAQ: VRNG), a company engaged
in the innovation, development and monetization of intellectual property,
today announced that the High Court of Justice, Chancery Division, Patents
Court in the United Kingdom ordered ZTE to make an interim payment on account
of Vringo's legal costs incurred with respect to the UK part of Vringo's
European Patent 1,212,919 (the "'919 Patent"), previously found to be
infringed by ZTE and valid as amended. The Court ordered ZTE to pay Vringo
£600,000 (approximately $938,000) after taking into account a balancing
payment to ZTE with respect to Vringo's withdrawal of another patent from
litigation, by January 12, 2015. ZTE's obligation to pay for Vringo's
remaining costs with respect to the '919 Patent will be assessed by a separate
process, unless agreed, to be conducted next year.
Again, it appears to read there is some sort of compensating offset between VRNG & ZTE that is going to happen? I'm not an attorney but I don't read it as a clear win of cash?
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