Nokia settles dispute with Apple

Think back to May 2010 and you might recall that Nokia sued Apple for a breach of patents. Well, just over a year on and it seems to have been settled - in Nokia's favour.

Nokia released a statement this morning confirming the broad principles of the agreement. According to the company, Nokia has signed a patent license agreement with Apple. The agreement will result in settlement of all patent litigation between the companies, including the withdrawal by Nokia and Apple of their respective complaints to the US International Trade Commission.

The financial structure of the agreement means Apple paying a one-time sum, as well as 'on-going royalties' to Nokia for the term of the agreement. The specific terms of the contract are 'confidential' though, so no word on how much and for how long, for example. But Nokia does say the agreement will have a 'positive financial impact on Nokia's recently revised outlook' for the second quarter of 2011.

'We are very pleased to have Apple join the growing number of Nokia licensees,' said Stephen Elop, president and chief executive officer of Nokia. 'This settlement demonstrates Nokia's industry leading patent portfolio and enables us to focus on further licensing opportunities in the mobile communications market.'

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