Qualcomm Says Posted $1.5Bln Security Bonds To Ban Some IPhones' Sales In Germany

Qualcomm said it had paid the court-mandated security bonds of 1.34 million euros, or roughly $1.5 billion, to enforce the German court's ruling, which found Apple infringing on patents of the telecommunications company and required it to stop selling some of its iPhones in Germany

MOSCOW (UrduPoint News / Sputnik - 04th January, 2019) Qualcomm said it had paid the court-mandated security bonds of 1.34 million euros, or roughly $1.5 billion, to enforce the German court's ruling, which found Apple infringing on patents of the telecommunications company and required it to stop selling some of its iPhones in Germany.

"Qualcomm Incorporated (NASDAQ: QCOM) today [Thursday] announced that it has posted security bonds totaling 1.34 billion (Euros). The bonds are required for Qualcomm to be able to enforce the remedies ordered by the Court on December 20, 2018, after the Court found that Apple is infringing Qualcomm's patented power savings technology used in smartphones," the company's press release said.

Apple has pledged to appeal the decision of the District Court of Munich, while agreeing to stop sales of iPhone 7 and iPhone 8 during the litigation process.

The security bonds, required for the court's decision to go into effect, are expected to cover the losses suffered by Apple in case the ruling is changed or rejected on appeal.