December 21, 2012 - 2:34 AM
HELSINKI - Nokia Corp. says it has entered into a new licence agreement with smartphone rival Research In Motion (TSX:RIM) which will end all existing patent litigation between the two struggling companies.
Nokia said today that the agreement includes a "one-time payment and on-going payments, all from RIM to Nokia," adding that the terms were confidential.
Last month, the Finnish company sued the Blackberry maker for breach of contract in Britain, the United States and Canada over cellular patents they agreed on in 2003.
Major manufacturers of phones and wireless equipment are increasingly turning to patent litigation in the rapidly growing lucrative smartphone market.
Nokia is among leading patent holders in the industry.
Last year, it received a $565 million royalty payment from Apple Inc. to settle long-standing patent disputes.
News from © The Associated Press, 2012