UPDATE: Apple, Inc. (AAPL), Google (GOOG) are considering arbitration to resolve standard patents

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(Updated - November 16, 2012 1:38 PM EST)

Apple, Inc. (NASDAQ: AAPL) and Google (Nasdaq: GOOG) are considering arbitration to resolve standard patents.

UPDATE - News comes from a court filing today.

The two are negotiating over industry standard patents on how phones operate. Apple noted that such an agreement might mean an end to all global patent disputes between the two.

Shares of Google are up 0.4 percent on the session, while Apple is down about 0.5 percent.

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