The three year trial between Nokia and Apple has ended after the two tech giants withdrew the complaints they had filed to the International Trade Commission.
It appears the two companies could not wait until today, when the ITC was due to deliver its decision and agreed to settle the matter outside the court room, Apple Insider reports.
Nokia filed a suit against Apple in 2009, accusing the iPhone manufacturer of breaching copyright law related to ten of its Wi-Fi technology patents.
The agreement between Nokia and Apple stipulates that the latter should pay the former a one-time payment as well as royalties in the years to come.
"We are very pleased to have Apple join the growing number of Nokia licensees. This settlement demonstrates Nokia's industry leading patent portfolio and enables us to focus on further licensing opportunities,” Stephen Elop, Nokia CEO, said.
Nokia reported it has spent around 43 million euros over a 20 year period to create its impressive portfolio of over 10,000 patent families.
Other Android competitors could also pay more money to Nokia than Apple, since they do not own many intellectual property rights to use as bargaining chips, legal buff Florian Mueller explained.
Nokia's quarterly revenues are expected to increase because of the money the settlement with Apple will bring to the company.