UPDATE: Vringo (VRNG) Awarded $30M In Google (GOOG) Patent Case, Will Receive Royalties Until 2016

November 6, 2012 1:20 PM EST
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(Updated - November 6, 2012 1:30 PM EST)

Vringo, Inc. (NYSE: VRNG) was awarded $30 million in Google (NASDAQ: GOOG) patent case, Dow Jones reports. The jury ruled the patents are valid and Vringo will receive a royalty rate on the patents until they expire in 2016.

It has been reported that Google will pay $15.9 million, AOL (NYSE: AOL) will pay $7.9 million, IAC (Nasdaq: IACI) will pay $6.6 million, Target (NYSE: TGT) will pay $98,800 and Gannett (NYSE: GCI) will pay $4,000.

The company had sought $500 million for damages dating back to 2005, but a recent ruling by the judge limited damages to when the lawsuit was filed.

Some have suggested the royalty rate is 3.5%, although that can not be confirmed at this time.

The company has yet to issue a statement on the verdict and shares remain halted.

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