BlackBerry today has announced a binding interim arbitration decision awarding BlackBerry $814,868,350.00 in royalty overpayments made to Qualcomm Incorporated.
A final award - which would incorporate interest and attorneys' fees - is set for a May 30 hearing.
BlackBerry's coffers are getting a big boost after the company was awarded almost US$815M ($1.1 billion in Canadian dollars), on an interim basis, in an arbitration case with Qualcomm stemming from royalty overpayments. BlackBerry argued that there was suppose to be a cap on those royalty payments that didn't get applied at the time, while Qualcomm argued that BlackBerry's payments were supposed to be nonrefundable. In spite of the dispute, the Canadian company's management said they will continue to work with the chip maker, particularly on automotive security products and integrated circuits for specific applications.
Easter egg hunts are coming
Children will also have an opportunity to take photographs with the Easter Bunny, according to the Merchants Association. The divisions will be: pre-school, kindergarten, first grade, second grade, third grade and fourth grade.
BlackBerry chief executive John Chen said the two companies have a longstanding relationship and continue to be valued partners.
For a company like BlackBerry, a refund of $815 million amounts to quite a big deal, as its cash stood at $1.7 billion as of its last earnings report. On January 20, the Cupertino company filed a suit against Qualcomm accusing the chipmaker of withholding almost $1 billion in contractual payments it owed in retaliation for Apple's cooperation with South Korean regulatory investigators.
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