Vringo (VRNG) Pops; Judge Orders Settlement Talks with Google (GOOG)

October 3, 2012 12:01 PM EDT
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Vringo, Inc. (AMEX: VRNG) shares spiked following a federal judge ordering settlement talks with Google, Inc. (Nasdaq: GOOG) over pending patent litigation. The judge refused to end the case in Google's favor, according to documents.

The talks are scheduled for October 9th.

From US District Judge Raymond Jackson [In part]:

"Before the Court is Defendants' Motion for Summary Judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure. The Court finds that oral argument of this motion will not aid is decisional process. Having carefully reviewed the parties' pleadings, the Court finds that summary judgment is inappropriate at this time as there are genuine issues of material fact is dispute.

Accordingly, it is ORDERED that Defendants' Motion for Summary Judgment is DENIED. It is further ORDERED that parties engage in settlement discussions before United States Magistrate Judge Lawrence R. Leonard at 10:30 am on Tuesday, October 9, 2012."

Vringo is up 20.9 percent currently.

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