U.S. Justice Department Sanctions Apple's Nortel Patent Acquisitions
It was a fantastic Monday in Cupertino.
Not only did shares of Apple reach a new all-time high just north of $500, but the U.S. Department of Justice also approved a plethora of Apple's recent patent acquisitions, the most famous - and controversial - of which are those formerly belonging to Nortel.
As some will recall, Apple was joined last year by Microsoft, Research in Motion, and other huge names in the digital space in a bidding frenzy for some of Nortel's most coveted intellectual properties. The battle ultimately came down to Google and Apple fighting over some of the 6,000 patents possessed by the financially-decimated Canadian telecommunications equipment maker.
Apple was among the small consortium of companies that coughed up the winning bid of $4.5 billion, Apple's portion of which was $2.6 billion.
Although the U.S. Department of Justice signed off the auction results today, the governmental body also warned that it won't hesitate at any point in the future to "take enforcement action to ensure that essential patents - patents needed to ensure that devices sold by different companies are interoperable - were licensed fairly."