Philips Electronics to appeal ruling in $467 million patent lawsuit
Dutch healthcare equipment company Philips said on Thursday it would appeal against a U.S court ruling ordering it to pay $466.8 million in compensation to Masimo Corp for infringing two patents.
The patents related to technology used to help measure blood oxygen and track pulse rates.
“We are very disappointed in the verdict of the jury and surprised by the magnitude of the proposed award,” Philips Chief Executive Officer Frans van Houten said.
“Philips intends to pursue all avenues of appeal of this verdict at both the District and Appellate courts in the US.”
Shares of Masimo closed 12.9 percent higher after the ruling on Wednesday, rising $2.74 to $24.02 on the Nasdaq.
The case, which began in 2009, concerned technology for pulse oximetry, a non-invasive procedure to measure the level of oxygen saturation in a patient’s blood.
Masimo had sued Philips in February 2009. The case is Masimo Corp v. Philips Electronics NA et al, U.S. District Court, District of Delaware, No. 09-00080.
Source: Reuters- Philips Electronics to appeal ruling in $467 million patent lawsuit
