Philips loses $467M patent suit to US competitor
Royal Philips NV says it will book a $467 million (366 million-euro) charge in the third quarter after losing a patent lawsuit to smaller U.S. competitor Masimo Corp.
Irvine, California-based Masimo sued in 2009, saying Philips' health care division had used Masimo-patented technology to build machines that measure the amount of oxygen in a patient's blood without requiring a sample.
A jury at the U.S. District Court for Delaware sided with Masimo Wednesday, rejecting Philips' arguments that the patents involved were "obvious" and should never have been granted.
Philips' CEO Frans van Houten said Thursday the company will appeal the decision.
Masimo's shares closed 13 percent higher on the NASDAQ Wednesday. Philips' shares were down 0.5 percent to 24.55 euros early Thursday.
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