US Veto Over Apple Ban Wipes $1billion off Samsung Market Value
The Obama administration vetoed the ITC ruling that lifted the Apple product ban — which was supposed to take effect on August 4. Good news for Apple, but bad news for Samsung, as it triggered a $1 billion loss in market value, reports the Wall Street Journal.
The South Korean government, however, appears to be concerned over the Obama administration’s decision, saying that it may “negatively impact Samsung’s patent rights”.
More than $1 billion was wiped off Samsung’s market value on Monday after the surprise veto, with shares ending 0.9% lower at 1,274,000 won ($1,133). The South Korean company declined to provide comments Monday on what it expects from the International Trade Commission later this week.
The South Korean government’s statement suggests that the legal dispute between the two technology giants could escalate into a political issue depending on the outcome of the ITC’s decision.
Meanwhile, Samsung has been granted a hearing next year in a US appeals court, which could trigger other punitive measures against Apple over claimed patent infringement.
Samsung alleged that Apple’s iDevices violate four of its patents, but the ITC ruled that the products infringe only one patent. The ruling was vetoed during the weekend.
According to a report in the Financial Times (via MacRumors), Samsung’s new complaint focuses on three patents: one covers the technology enabling smartphone users to quick-dial a phone number shown on a webpage, the second allows users to read documents on their device (?), and the third is a standard essential patent related to the reliability of high-speed data transmission.
However, in the case the standard-essential patents, we can only agree with Florian Müller of Foss Patents who was outraged by the ITC ruling, which found Apple in violation of a Samsung standard-essential patent, which was supposed to be licensed on FRAND terms. So it remains to be seen whether the ITC will keep that in mind next year.
Meanwhile, every eye — South Korean government included — is on the US International Trade Commission, which is expected to hand down a ruling that will decide the fate of certain Samsung Galaxy mobile products as part of the patent battle between Apple and Samsung.