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WALL STREET " VRNG PREVAILS TO MAKE SIGNIFICANT DAMAGES. WELL PAST 1 BILLION. LINk
Wall Street Journal
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Google Must Defend Itself in Vringo Lawsuit (GOOG, VRNG, NOK)
Posted: October 9, 2012 at 8:05 A.M.
Google Inc. (NASDAQ: GOOG) was denied a motion for summary judgement in a patent case file by Vringo Inc. (NYSEMKT: VRNG). The denial means that the judge found that there are issues of fact in dispute that are material and that settlement talks should proceed as scheduled for October 9th. At issue are patents related to search technology, and the judge’s refusal to toss Vringo’s suit is very likely to result in a settlement between the two combatants. Vringo acquired the patents, originally granted to early search company Lycos, when it acquired intellectual property firm Innovate/Protect earlier this year. Vringo also purchased a portfolio of patents from Nokia Corp. (NYSE: NOK) in August.
Vringo stands to gain significant damages if the company prevails or GOOG will buyout VRNG. By some estimates damages could reach into the hundreds of millions and a 3x penalty for deliberate infringement could push Google’s total payout to well past $1 billion