Samsung agrees to pay Apple $548 million for copying its iPhone designs
SAN JOSE, CA – JULY 30: A sign is posted in front of a Samsung Electronics office on July 30, 2012 in San Jose, California. The trial in the Apple Inc. and Samsung Electronics Co. patent battle begins today at a San Jose federal courthouse to determine if Samsung illegally copied technolgy used in Apple’s popular iPhone and iPads. Apple is seeking $2.5 billion in damages. (Photo by Justin Sullivan/Getty Images)
The smartphone industry is fiercely competitive, and Apple and Samsung are leaders in grappling to be the world’s number one. The two companies have been embroiled in a court case since 2011 when Apple accused Samsung of copying its design of the iPhone.
The dispute came to near-conclusion yesterday evening when the two rivals filed a joint statement with the United States District Court for the Northern District of California, which said Samsung agrees to complete its $548 million settlement to Apple.
I will spend my last dying breath if I need to, and I will spend every penny of Apple’s $40 billion in the bank, to right this wrong. I’m going to destroy Android, because it’s a stolen product. I’m willing to go to thermonuclear war on this.
And it seems his wish is on the way to being fulfilled, albeit in a less dramatic sense. Samsung has agreed to pay the initial $548 million to Apple within 10 days of receiving an invoice, just four months before the case’s fifth anniversary. The second set of damages will be decided on by a jury in 2016.