NOK Nokia Corp

   By Dominic Chopping 
 

Nokia Corp. (NOK) said Monday it has received a decision in its patent license arbitration case with LG Electronics Inc. (066570.SE).

The International Court of Arbitration of the International Chamber of Commerce has issued its award, settling the royalty payment obligations LG must pay Nokia for using smartphone patents.

LG took a royalty-bearing smartphone patent license from Nokia in June 2015 and the companies agreed that an independent arbitration would be used to resolve the payment obligations.

Details of the arbitration award and license agreement remain confidential, but Nokia said it will disclose its patent licensing revenue in its quarterly reports and expects revenue from this agreement to be recognized in the third quarter of 2017, with additional revenues expected during the term of the agreement.

"The use of independent arbitration to resolve differences in patent cases is a recognized best practice," Nokia's chief legal officer Maria Varsellona, said in a statement.

"We believe that this award confirms the quality of Nokia's patent portfolio. We continue to see potential for additional licensing opportunities in the mobile communications market and beyond."

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

September 18, 2017 03:09 ET (07:09 GMT)

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