SAN JOSE, Calif. – Apple wants Samsung Electronics to pay $22 million of the legal bills that the iPhone and iPad maker has rung up so far defending its mobile device patents in a courtroom battle.
The money sought in documents filed Thursday would be in addition to the $930 million in damages that juries decided Samsung owes Apple Inc. after hearing evidence of patent infringement in two separate trials held in a San Jose, Calif., federal court during the past 15 months. The latest verdict was handed down last month.
Apple is asking U.S. District Judge Lucy Koh to order Samsung to pay $15.7 million in attorney fees. That would cover less than one-third of the more than $60 million that Apple says it owes its lawyers in the case.
Apple also wants Samsung to reimburse its lawyers for $6.2 million in various expenses.
Judge blasts Goldman, federal prosecutors
NEW YORK – A former Goldman Sachs trader was sentenced to nine months in prison for wire fraud Friday by a Manhattan judge who took sharp aim at both Goldman and the government, questioning why it took them so long to bring the misconduct to light.
Matthew Taylor had admitted in a guilty plea this year that he concealed an unauthorized $8.3 billion trading position in 2007. He told Goldman within 36 hours but escaped criminal charges until this year.
“Goldman was silent about Taylor’s lies,” U.S. District Judge William Pauley said in federal court in Manhattan.
The investment banking firm fired Taylor but didn’t disclose the full extent of his misconduct, clearing the way for him to continue as a trader for Morgan Stanley for another four years, the judge said. “So much for Goldman’s concerns about the credibility of the financial markets,” he said.
Pauley also suggested the U.S. attorney’s office in Manhattan and federal regulators went after the rogue trader years after his offense largely for publicity. He accused prosecutors of crafting an artificially low sentencing recommendation to secure a quick plea deal.
Barnes & Noble shares fall with SEC probe
Shares of Barnes & Noble fell on Friday after the bookseller said it was cooperating in a Securities and Exchange Commission investigation into its accounting.
The struggling retailer has been trying to make a turnaround in the face of tough competition and book readers who are increasingly turning to digital media for content.
The SEC told the bookseller Oct. 16 that it was investigating the company’s restatement of earnings announced in July as well as an employee allegation that it improperly allocated some information-technology expenses between its Nook and retail segments.
Shares fell $1.56, or 9.5 percent, to $14.83 in afternoon trading.
Sears announces plan to spin off Lands’ End
HOFFMAN ESTATES, Ill. – Sears Holdings Corp. said Friday that it will spin off its Lands’ End clothing business as a separate company by distributing stock to the retailer’s shareholders.
Sears has spun off other businesses over the past two years, including its Hometown and Sears Outlet stores and its Orchard Supply Hardware Stores, to raise cash.
Lands’ End, which sells clothing and home goods on the Internet and through catalogs, began in 1963 as a sailboat hardware and equipment catalog but morphed into a clothing company by 1977. Sears bought the company in 2002.
Sears shares slipped 3 cents to $49.95 in afternoon trading. They are up almost 21 percent so far this year.
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sponsored Jargon is confusing, by definition. And the financial world has its own set of cryptic words.