News, Nokia, RIM

Nokia to get $65 Million payout from RIM over patent settlement

Remember that RIM-Nokia patent settlement that happened a couple weeks ago? Well, apparently RIM will be making an initial payment of $65 Million to Nokia, as part of it.

RIM Nokia

RIM settled with Nokia after the company bought a complaint against the Blackberry maker in the U.S.A, U.K and Canada claiming that RIM was violating Nokia’s WLAN patents. The case had gone into arbitration and RIM was found to be at fault, which resulted in the settlement. There was no word on exactly how much RIM would be paying off to Nokia though, but thanks to their 6-K filing to the U.S. Securities and Exchange Commission, we now know the initial figure in addition to “ongoing payments” that will be made.

At the end of the day, Nokia still has one of the strongest patent portfolios around, and $65 Million is definitely going to help the company, eh? Hopefully they wont have to keep depending on those patents to get cash in though.

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