Benzinga | Jul 27, 2021 02:34PM EDT

Network-1 Settles Patent Lawsuit With Hewlett Packard For $17M

* Network-1 Technologies Inc (NYSE:NTIP) agreed to settle its patent litigation against HP Inc (NYSE:HPQ) and Hewlett Packard Enterprise Co (NYSE:HPE).

* The case is pending in the U.S. District Court for infringement of Network-1's Remote Power Patent (U.S. Patent No. 6,218,930).

* Hewlett-Packard Enterprise agreed to pay Network-1 $17 million in full settlement of the litigation.

* HP will receive a fully paid license and release to the Remote Power Patent for its full term (which expired on Mar. 7, 2020), which applies to sales of Power over Ethernet (PoE) products by HP subsidiary Aruba Networks, Inc.

* Previously, the Court overturned the jury verdict of invalidity from the Nov. 2017 trial against Hewlett-Packard. It pronounced that Hewlett-Packard failed to meet its burden on its inequitable conduct defense, which was the subject of a separate bench trial held in May 2018.

* Price action: NTIP shares traded lower by 9.52% at $3.049 on the last check Tuesday.