Sunnyvale, Calif.-based Palm Inc. has settled a nine-year-old patent infringement lawsuit filed by Xerox Corp., Stamford, Conn. Palm will pay Xerox $22.5 million for a paid-up license for three Xerox patents, according to the settlement.
In 1997, Xerox alleged that U.S. Robotics, Palm's original parent company, infringed upon patents it held for handwriting recognition technology. Palm will account for the settlement charge in its fourth quarter 2006 financial statement, which will be released June 29.
The agreement also calls for 3Com Corp., a former owner of Palm, and ACCESS Co. Ltd., current owner of the Palm OS operating system, to be released from the litigation. For more information, go to palm.com.
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