Samsung loses $7.3 million patent suit in China
China-based Holley Communication has won a suit against Samsung over dual-mode cell phone patents, resulting in a payout of US$7.3 million. Holley Communications claims that Samsung is infringing on its patents, which cover dual-mode cell phone technology that allows a single phone to work on both CDMA and GSM networks. The suit was filed in China in The Intermediate People's Court of Hangzhou, capital of Zhejiang. The $7.3 million is a record for pay-out in the Chinese cellphone industry.
More than 700k cellphones have been sold by Samsung that contain the infringing technology, and the product is still on sale in most markets. Holley officials stated that this pay-out is only the first piece of compensation they would be seeking.
Palm receives an additional $100 million from Elevation Partners
Yesterday Palm Inc. announced that Elevation Partners, a private equity firm co-founded by Bono, the frontman of the band U2, has agreed to invest an additional US$100 million into the company. In return for the investment, Elevation Partners will receive newly issued Series C preferred stock that it can convert into regular Palm shares at a later date.
Palm says that the additional funds will help it maintain financial stability during the current world economic crisis and will allow it to roll out with full force its planned 2009 products, which are rumored to include a new Linux based smartphone OS named Nova.
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