Research in Motion (RIM), the maker of the Blackberry range of phones, said it has paid $267.5 million to settle a patent litigation case.
RIM will receive a perpetual and fully paid license on all Visto patents, will transfer some intellectual property, with both companies agreeing to bury the hatchet on all future intellectual property claims.
RIM will account for the majority of the money as an “unusual item” in its financial second quarter period, and some will be classified in the books as an intangible asset.
RIM said that the settlement will be completed during next week, subject to certain conditions which it did not specify, because the agreement is confidential.
Visto has been successful before in enforcing its patents .