UPDATE: Vringo (VRNG) Pops; AOL (AOL) Said to Agree to Partial Patent Case Settlement - DJN

August 6, 2012 10:22 AM EDT
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(Updated - August 6, 2012 12:39 PM EDT)

Video-ringtone app start-up Vringo (AMEX: VRNG) ripped higher Monday morning following headlines that it settled a portion of its patent litigation with Web search company and serial free-trial disc distributor AOL, Inc. (NYSE: AOL).

Much of the litigation stems for Vringo's recent acquisition of Innovate/Protect, Inc., which added signifianctly to Vringo's intellectual property portfolio.

Full details of the settment were not disclosed.

In addition to AOL, companies named in Vringo's patent suit include such giant's as Google (Nasdaq: GOOG), Target (NYSE: TGT), Gannett (NYSE: GCI), and IAC/InterActive (Nasdaq: IACI). Vringo recently moved higher following more positive sentiment in its potential against Google.

The suit mainly focuses on how Google ranks search results. Target and Gannett were named as customers, with IAC and AOL as partners.

AOL was separately accused of infringing on the same two patents, according to the WSJ.

Vringo is scheduled for a Markman hearing on October 16th. Shares are up about 12 percent Monday.

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