(Reuters) - Chipmaking giant Intel Corp on Tuesday settled a patent lawsuit brought by wireless technology developer ParkerVision Inc on the second day of a West Texas jury trial in the case, court records showed.
A ParkerVision filing with the U.S. Securities and Exchange Commission on Tuesday said it would receive $25 million in a settlement that also includes a patent licensing agreement.
An Intel spokesperson confirmed that the companies settled but declined to provide further details. A ParkerVision spokesperson declined to comment. ParkerVision stock was down 48% Tuesday afternoon.
Jacksonville, Florida-based ParkerVision sued Intel in Waco, Texas in 2020 for infringing several patents related to improved radio-frequency receivers. ParkerVision had said it pioneered the communications technology used in Intel's wireless chips in the mid-1990s.
ParkerVision said Intel chips used in smartphones, including Apple's iPhone, infringe the patents. Intel denied the allegations, arguing the patents are invalid and its technology works in different ways.
A ParkerVision expert told the court that Intel should pay more than $294 million in royalties for the alleged infringement, according to a court filing.
ParkerVision has also sued companies including Apple, Qualcomm and TCL for patent infringement over wireless chips and devices that use them.
A Florida federal judge overturned a $173 million jury verdict for ParkerVision against Qualcomm in 2014. The U.S. Court of Appeals for the Federal Circuit upheld the decision in 2015.
Santa Clara, California-based Intel has been hit with two verdicts in Waco for damages totaling over $3 billion in a separate, ongoing patent fight with VLSI Technology LLC over Intel computer chips.
The ParkerVision case is ParkerVision Inc v. Intel Corp, U.S. District Court for the Western District of Texas, No. 6:20-cv-00108.
For Intel: Michael Summersgill, Sarah Petty, Todd Zubler, Mindy Sooter and Robert Gunther of Wilmer Cutler Pickering Hale & Dorr
For ParkerVision: Ronald Daignault, Scott Samay, Jason Charkow, Chandran Iyer and Oded Burger of Daignault Iyer
Qualcomm wins appeal in $173 million ParkerVision case
(Reporting by Blake Brittain in Washington)