SAN FRANCISCO (dpa-AFX) - Paltalk, Inc. (PALT) announced on Friday that a jury awarded the Company $65.7 million in a patent infringement case against Cisco Systems, Inc.
This decision was made by a jury in the District Court for the Western District of Texas and pertains to U.S. Patent No. 6,683,858.
The lawsuit was initiated by Paltalk's subsidiary, Paltalk Holdings, Inc., on July 23, 2021, claiming that specific Cisco products violated this patent and that the company was entitled to compensation.
The awarded amount is subject to post-trial processes, possible appeals from Cisco, and a final ruling from the Court. Paltalk anticipates receiving no more than one-third of the total proceeds after accounting for substantial litigation-related costs, including legal fees.
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