BlackBerry receives nearly $940 million USD from Qualcomm in arbitration


BlackBerry announced that it has been awarded a total of $940,000,000 USD ($1,263,950,517.68 CAD) due to legal fees, interest and attorney fees, from 2016 to early 2017, because of a legal arbitration over royalties.

This amount includes the $814,868,350 USD ($1,096,841,319.49 CAD ) BlackBerry won following its arbitration proceeding with the chipmaker in April. Qualcomm will have to pay the full amount to BlackBerry before or on May 31st, 2017, according to BlackBerry.

The Canadian-based company states that it overpaid the chip maker between 2010 to 2015. BlackBerry argued that Qualcomm had not set a maximum royalty limit during that time. Qualcomm, however, disputed that BlackBerry’s payments were non-refundable.

The original arbitration was held in San Diego, California and went from February 27th to March 3rd.

BlackBerry Stocks on May 26th

Despite the good news, BlackBerry’s stocks have gone down, decreasing 1.32 percent or .20 CAD.

The company’s stock is currently trading for $14.90 CAD. Qualcomm is also engaged in a legal dispute with Apple surrounding licensing fees.

Source: BlackBerry