(By Balaseshan) Network-1 Security Solutions Inc. said it agreed to settle its remote power patent litigation with Belden Inc. (NYSE: BDC) subsidiary GarrettCom Inc.
Network-1 will settle its patent litigation against GarrettCom, which is pending in the United States District Court for the Eastern District of Texas, for infringement of the company's remote power patent. GarrettCom was one of 16 defendants named in the litigation.
As part of the settlement, GarrettCom entered into a settlement agreement and non-exclusive license agreement for the remote power patent. The patent relates to delivering power over ethernet cables to devices including wireless switches, wireless access points, RFID card readers, VoIP telephones and network cameras.
Under the terms of the license, GarrettCom will license the remote power patent for its full term, which expires in March 2020, and will make an initial payment combined with annual royalties based on its sales of certain power-over-ethernet (PoE) products, including those PoE products that comply with Institute of Electrical and Electronic Engineers (IEEE) standards.
As part of the settlement agreement, all claims involving GarrettCom in the litigation currently pending in the Eastern District of Texas will be dismissed with prejudice.
Named as defendants in the lawsuit, excluding related parties, were Alcatel-Lucent USA Inc. (NYSE:ALU), Allied Telesis Inc., Avaya Inc., AXIS Communications Inc., Dell Inc. (NASDAQ:DELL), GarrettCom Inc., Hewlett-Packard Co. (NYSE:HPQ), and Huawei Technologies USA.
The defendants also include Juniper Networks Inc. (NYSE:JNPR), Motorola Solutions Inc. (NYSE:MSI), NEC Corp., Polycom Inc. (NASDAQ:PLCM), Samsung Electronics Co. Ltd., ShoreTel Inc. (NASDAQ:SHOR), Sony Electronics Inc. (NYSE:SNE), and Transitions Networks, Inc. Network-1 seeks monetary damages based upon reasonable royalties.
NSSI remains unchanged from previous close of $1.24, while BDC trades down 0.57 percent at $38.47 on Thursday.