The world’s most valuable company just keeps getting richer! After 5 years of not getting their coins, Apple is expecting a $548 million settlement from Samsung after they sued them for using technology patents that they didn’t get permission to use!
Apple, worth $750 billion, accused Samsung, worth about $200 billion, of copying their devices and blatantly violating patents on the iPad and iPhone specifically and by the looks of the case, Samsung seems to have confessed to stealing the ideas!
Samsung and Apple are obviously two huge technology conglomerates that are always taking shots at each other and this settlement might not be the end of the beef. Apple originally sued for about $2.5 billion in 2011, according to Buzzfeed, but with Samsung appealing and stretching out the case, $548 M’s is all they can get right now.
But according to patent experts and techies, the case is far from over. A jury will decide if Apple deserves more money from the damages in 2016 which could also be in the nine-figure range. Samsung isn’t giving in easy though, they are fighting for the right to get all money they pay Apple back if further along in the case they prove that they weren’t copying Apple’s products and damaging the brand. Plus, it’s not like Apple needs anymore money. They made $233 billion in profits in the last fiscal year!
Sources: Buzzfeed, http://www.buzzfeed.com/josephbernstein/samsung-agrees-to-pay-apple-548-millions-in-damages?bftwnews&utm_term=.ywYlD90pN#.efVgkyZDj
Business Insider, http://www.businessinsider.com/apple-just-reported-the-biggest-annual-profit-in-history-2015-10
TSR Intern: Jalen M! @jalenmosby on IG.