Lenovo to Buy 21 Patent Families from Unwired Planet and Wal-Mart Sues Visa for $5 Billion
Unwired Planet, Inc. (NASDAQ: UPIP) struck a deal with Lenovo, where Lenovo will buy a patent portfolio from Unwired, the mobile technology and licensing provider. The patent purchase includes 21 patent families and also includes 3G and LTE mobile network patents. Unwired Planet will receive $100 million in cash and will receive access to the company’s portfolio for the next several years. "This investment is an extension of Lenovo's existing intellectual property portfolio," said Lenovo general counsel Jay Clemens in a statement. "It will serve the company well as we grow and develop our worldwide smartphone and mobile PC Plus business in new markets."
Unwired Planet, Inc. develops patents that allow mobile devices to connect to the Internet. Its patent portfolio consists of approximately 200 issued United States and foreign patents, and approximately 60 pending applications that cover technologies applicable to the mobile industry.
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Wal-Mart Stores Inc. (NYSE: WMT) said it is suing Visa Inc. for $5 billion and has accused the credit and debit network of excessively high card swipe fees. This comes several months after Wal-mart opted out of a class action settlement between Mastercard Inc and Visa. Visa declined to comment on the suit that was filed in the U.S. District Court on Tuesday for the Western District of Arkansas, Walmart’s headquarters. Visa and other card networks charge retailers fees, which are called swipe fees, each time a shopper uses a debit or credit card to pay.
"The anticompetitive conduct of Visa and the banks forced Wal-Mart to raise retail prices paid by its customers and/or reduce retail services provided to its customers as a means of offsetting some of the artificially inflated Interchange Fees," the company said in the Journal report.
Wal-Mart Stores, Inc. operates retail stores in various formats worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sams Club. It operates discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, restaurants, apparel stores, drug stores, and convenience stores, as well as various retail Websites, such as walmart.com and samsclub.com.
Get more information on Wal-Mart Stores Inc. and free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/WMT
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