Nortel, Vonage settle patent suit |
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Mon, 31 Dec 2007 15:35
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HOLMDEL, N.J. (AP) - Internet phone company Vonage Holdings Corp. and Canadian telecommunications equipment maker Nortel Networks Corp. have settled their patent disputes, the companies said Monday.The settlement involves a 'limited cross license' to three Nortel and three Vonage patents, and will not call for any monetary payments by either company, they added.The latest settlement closes a difficult year for Vonage, whose stock has lost 71 percent in the past 12 months amid a string of legal problems.Last week, Vonage agreed to pay AT&T Inc. $650,000 a month for a total of $1.95 million as a prepayment in an another patent settlement. The companies said last month the settlement will total $39 million, to be paid over five years.Vonage has also been the target of patent lawsuits from Verizon Communications Inc. and Sprint Nextel Corp. It settled the Verizon case for a maximum of $120 million and the Sprint case for $80 million earlier this year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Nortel files lawsuit against Vonage 