“Forgent Networks has settled its lawsuit concerning the so-called JPEG patents for $8 million, a fraction of what the company initially sought.
The company, an intellectual property firm that licenses communications technology and software for business meetings, announced on Wednesday that it has reached a settlement with all of the remaining claims in the cases involving U.S. patent number 4,698,672. The company said that the JPEG standard–the image compression mechanism used in digital cameras and PCs–infringed upon the patent, which Forgent acquired in 1997.”
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Source: CNet News.com
Forgent wanted $1 billion, but they have settled for a measly $8 million, in what looks to be a move to end the case quickly. The large PC making companies being sued had convinced the judge to review Forgent’s patent, which if it was overturned would cost Forgent a huge amount in royalties it already collects from 60 different companies, like camera makers. More about the settlement and the cases history can be found at CNET.