Samsung Loses $1bn In Market Value Following Presidential Veto On ITC Ban

For those who might have been following the news, you might have heard that the Obama Administration decided to overturn the upcoming ITC ban on some of Apple’s products that included that iPhone 3GS, iPhone 4, and iPad 2 3G. Naturally Samsung was not too thrilled about it and expressed their disappointment in the matter. However it turns out that being disappointed was only the tip of the iceberg because it seems that the ban has had much larger implications that Samsung would have liked.

According to a report (via The Wall Street Journal), over in Korea Samsung’s share price dropped on the Korean exchange, and this dip was estimated to have cost Samsung more than $1 billion in market value. The reason behind the dip was due to investors who were concerned that Samsung’s patent rights might be in jeopardy of sorts due to the ITC ban being overturned. Interestingly enough while several US Senators expressed their own concern on how the ban could set a precedent in which companies could abuse their patents, this overturn could also set a precedent in which companies may no longer feel that their intellectual property is protected legally.

Tyler Lee
Categories: Apple, General
Tags: Legal, Samsung