Samsung Loses $1 Billion in Market Value After Presidential Veto, Continues to Appeal

Samsung has reportedly lost $1 Billion in market value after President Obama vetoed the ITC's ruling to ban import of the iPhone 4, 3G and iPad 2 devices. The South Korean Government also criticized the decision, claiming the move had "negative impacts" over Samsung's patent rights.

While a presidential veto ultimately overrules the original ITC ruling, the Financial Times is reporting that Samsung is appealing the ITC decision claiming it only upheld 1 out of the 4 patents that it believes Apple has infringed. The hearing for that appeal is scheduled sometime in 2014.

Samsung revealed on Monday that it had filed a court appeal on July 18 against the original ITC finding, because the ITC ruled that Apple had infringed only one patent, rather than finding in favour of Samsung on all four patents it had claimed were violated.


Samsung and Apple have been in a long time trial with Apple originally winning $1 Billion in damages (it was later cut by $440 million). The two companies will most likely be in court for many more years to come, as a new trial is scheduled to start in November.

Read More [Financial Times]