Samsung sheds over $1 billion in market value after U.S. Trade Representative Froman vetoes Apple ban

“The South Korean government on Monday expressed concern over the Obama administration’s decision to veto an import ban on some Apple Inc. products in the U.S., saying the decision may negatively impact Samsung Electronics Co.’s patent rights,” Min-Jeong Lee reports for The Wall Street Journal.

“In a statement, the government said it would closely watch the U.S. International Trade Commission’s decision Friday, when the trade body is expected to decide whether to ban U.S. imports of certain Samsung Galaxy mobile products following an earlier Apple complaint alleging patent violation,” Lee reports. “Should the ITC decide to ban the Galaxy products subject to the decision Friday, legal experts say Samsung may opt to lobby for a similar veto. The products that are subject to a ban include Samsung’s older models such as the Galaxy S, Galaxy S II and Galaxy Tab 10.1, among others.”

“More than $1 billion was wiped off Samsung’s market value on Monday after the surprise veto, with shares ending 0.9% lower at 1,274,000 won [$1.133 billion]. The South Korean company declined to provide comments Monday on what it expects from the International Trade Commission later this week,” Lee reports. “Over the weekend, U.S. Trade Representative Michael Froman made the decision to veto the ban on some Apple devices, citing concerns about patent holders gaining ‘undue leverage’ as well as potential harm to consumers a ban would bring.”

Lee reports, “Samsung is expected to continue to pursue its patent cases through various courts, though in the longer term it would make sense for the two companies to strike a royalty deal on patents, legal experts say.”

Read more in the full article here.

MacDailyNews Take: $1 billion is a drop in the bucket considering how much the thieving bastages have already stolen from Apple.

Related articles:
How the ITC blew it, forcing a presidential veto in the Samsung-Apple patent case – August 5, 2013
Apple: ‘Samsung was wrong to abuse the patent system’ – August 5, 2013
South Korea concerned about U.S. decision to overrule Apple iPhone, iPad sales ban – August 5, 2013
Obama administration vetoes Apple iPhone sales ban in U.S. – August 3, 2013
Google ready to ditch Android over its intellectual property issues? – July 29, 2013

22 Comments

  1. I am sure the South Korean government will be watching what Washington will do. Just like Samsung will and has watched Apple. Samsung copies Apple at every turn and will expect the South Korean government to closely copy Washington when they have the chance and then blame Obama.

  2. Now prosecute them for abuse of Frand patents.

    The South Koreans have already used their own prejudice to hit Apple in South Korea when no other Court has supported the specific claims involved so this just establishes equality.

  3. This is how ridiculous all this is: the FRAND patents Samsung is claiming reside in the firmware within the baseband chip Apple buys from Qualcomm. For $11. What Samsung is asking for amounts to $16 per iPhone sold. But the real crazy thing is that Qualcomm ALREADY pays Samsung for the rights to use that patent. And that’s just part of the story.

  4. I think the people who should be punished here are the ITC. Why in the hell did they apply an import ban over frand sep? It’s like they don’t understand the purpose of their job. Samsung just did what everyone expects of a scummy low down corrupt company but the ITC are meant to oversee this sort of thing

  5. i have a question: do we know who the individuals are who comprised the board/panel that made the insupportable decision to ban the imports of these apple devices?

    do they have any obvious connections, political or otherwise, that would have influenced them?

    and just how difficult/easy would it be to ‘buy’ their favour?

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