Tessera Technologies (TSRA) Awarded $125M in License Arbitration w/ Amkor (AMKR)
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Tessera Technologies, Inc. (Nasdaq: TSRA) reports that the International Court of Arbitration of the International Chamber of Commerce (ICC) issued an interim award in favor of Tessera, Inc. in its dispute with Amkor Technology, Inc. (Nasdaq: AMKR). The ICC tribunal confirmed that the Amkor license agreement had been properly terminated by Tessera, Inc. in February 2011. Based on a preliminary review of the interim award, Tessera, Inc. intends to seek an amount in excess of $125 million from Amkor.
The current arbitration marks the second time the two companies have gone to the ICC to resolve the amount of royalties owed under the now-terminated patent license agreement. The first arbitration lasted three years and in 2009 resulted in an award to Tessera, Inc. of $64 million. The interim award announced today in the second arbitration, which began in 2009, contains factual and legal conclusions on which the tribunal will base one or more final awards specifying the amount of damages owed by Amkor. Under the rules of the case and of the ICC, the parties have only a limited ability to make public disclosures about the arbitration.
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The current arbitration marks the second time the two companies have gone to the ICC to resolve the amount of royalties owed under the now-terminated patent license agreement. The first arbitration lasted three years and in 2009 resulted in an award to Tessera, Inc. of $64 million. The interim award announced today in the second arbitration, which began in 2009, contains factual and legal conclusions on which the tribunal will base one or more final awards specifying the amount of damages owed by Amkor. Under the rules of the case and of the ICC, the parties have only a limited ability to make public disclosures about the arbitration.
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