Samsung's market value plummets following US presidential veto
Over the weekend, the Obama administration vetoed the US International Trade Commission's import ban pertaining to older generation iPhones and iPads. The move marked the first time since the '80s that a US president vetoed an ITC ruling.
While Apple is of course thrilled with the Obama administration stepping up to protect FRAND rights, the same can't be said for Samsung, or its investors. In the wake of the ITC veto, Samsung's market value dropped by over US$1 billion.
Also expressing concern regarding the veto was the South Korean government itself, which on Monday issued a statement exclaiming that the veto will have a negative impact on patent property rights.
Reuters reports:
"We express concerns about the negative impact that such a decision would have on the protection of patent rights," the Ministry of Trade, Industry & Energy, said in a statement.
The ministry called on the U.S. trade body and the Obama administration to make "fair and reasonable decisions" as Samsung faces a decision on Friday as to whether some of its phones and tablets infringed on Apple's patents and should be banned from imports into the United States.
As the legal drama between Samsung and Apple continues to evolve, the ITC will issue another ruling on Friday, this time regarding whether or not it should ban Samsung products that Apple alleges infringe upon its own intellectual property.
