BlackBerry Jumps as $814.9 Million Qualcomm Refund Bolsters Cash
- Dispute centered on overpayments of smartphone license fees
- Binding arbitration award will boost BlackBerry’s cash hoard
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BlackBerry Ltd. stock rose the most in more than two years after it was awarded $814.9 million to end a dispute with Qualcomm Inc. over royalty payments, giving it cash needed to help recast itself as a software maker.
The two companies had agreed to enter binding arbitration to settle claims by BlackBerry that it was owed refunds on technology licensing fees prepaid to the chipmaker. The announcement sent BlackBerry shares up as much as 19 percent in New York, the most intraday since January 2015.