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On the news Vonage's stock jumped over 100%. Vonage will license Sprint's IP for $80 million.
On the news Vonage's stock jumped over 100%. Vonage will license Sprint's IP for $80 million.
Quote
Internet phone company Vonage Holdings Corp. took a step back from the brink Monday, saying it has settled for $80 million a patent suit filed by Sprint Nextel Corp. On Sept. 25, a jury in the U.S. District Court in Kansas City, Kan., found that Vonage infringed on six Sprint patents, and ordered Vonage to pay $69.5 million in damages. Monday's settlement resolves all claims in the dispute, the companies said. Sprint agreed to license Vonage its portfolio of more than 100 patents on connecting calls between a regular telephone network and a packet-switched network such as the Internet.