NEW YORK ― A court is awarding Carnegie Mellon University $1.54 billion in a patent dispute with chip maker Marvell Technology.
The award is less than Carnegie Mellon sought, however, and Marvell’s shares rose 54 cents, or 3.4 percent, to $16.29 in afternoon trading.
Marvell Technology Group Ltd. says the judge ruled that Carnegie Mellon can also get interest and royalty payments. The company says it will appeal the ruling as soon as a final judgment is entered.
The Pittsburgh university argued Marvell infringed on patents that came from the work of one of its professors and a student.
In December a federal jury ruled that Marvell willfully violated patents belonging to Carnegie Mellon. The university wanted a judge to triple the amount it sought.