Cochlear (ASX:COH) has rehearing of appeal in the US denied

Company News

by Rachael Jones

Cochlear (ASX:COH) today announced that the United States Court of Appeals has denied its petition for a rehearing of the appeal in the patent infringement case against them.

On 17 March 2020, Cochlear announced that the Court of Appeals affirmed the US District Court award of USD $268 million in patent infringement damages against Cochlear and its US subsidiary Cochlear Americas in the lawsuit by the Alfred E. Mann Foundation for Scientific Research and Advanced Bionics LLC.

The Judgment will become final on 26 May 2020 and remanded to the District Court for payment of approximately USD $280 million being the Judgment amount and post judgment interest.

Cochlear has opposed both applications and the calculation methodology.

As the patent at issue in the litigation has expired, the Judgment will not disrupt Cochlear’s business or customers in the United States.

Shares in Cochlear (ASX:COH) are trading 1.8 per cent higher at $192.43.