Dive Summary:
- Carnegie Mellon University won $1.17 billion in a record-setting verdict Wednesday after a federal jury found that Marvell Technology Group and Marvell Semiconductor Inc. infringed on patent rights held by the university on work done by a professor and former student.
- An appeal is likely, but the school could also see an even larger award since the jury found Marvell guilty of knowingly violating the patent rights with no good defense, which, according to The Pittsburgh Post-Gazette, means the judge could potentially triple the damages.
- Shares in the company's stock fell 10% following the verdict on the hard disk drive circuit patent, and while other patent suits have awarded larger sums than $1.17 billion before being reduced, Carnegie Mellon's damages will be larger than any others if they remain the same.
From the article:
A federal jury on Wednesday found that Marvell Technology Group and Marvell Semiconductor Inc. infringed on patent rights held by Carnegie Mellon University because of work done there by a professor and a then-student. And in a record-setting verdict, the jury awarded Carnegie Mellon $1.17 billion, The Pittsburgh Post-Gazette reported. ...
