Cochlear (ASX:COH) loses US$268 million appeal

Company News

by Rachael Jones

Cochlear (ASX:COH) today announced that the United States Court of Appeals for the Federal Circuit in Washington, DC has affirmed the US District Court award of $268 million US in patent infringement damages against Cochlear and its US subsidiary Cochlear Americas.

It was from the lawsuit by the Alfred E. Mann Foundation for Scientific Research (“AMF”) and Advanced Bionics LLC (“AB”).

Cochlear’s CEO & President, Dig Howitt said, “This case relates to two patents that are long expired. The Court invalidated the first patent and the remaining patent was much narrower in scope. We believe the amount of damages awarded is out of proportion with the limited application of the patented feature.

Cochlear will seek an en banc review by the full Court of Appeals in a petition for a rehearing.

Shares in Cochlear (ASX:COH) are trading 1.21 per cent higher at $176.62.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.