BlackBerry stock price surges after it wins $815 million from Qualcomm

BlackBerry (BBRY) received $814.9 million in an arbitration settlement from chipmaker Qualcomm (QCOM) Wednesday, as a refund of royalties for certain past sales.

Shares of BlackBerry shot up about 16 percent, to $8.92, in heavy trading. Qualcomm was down about 1 percent at $54.81.

The companies in 2016 decided to arbitrate a dispute over Qualcomm’s agreement to cap certain royalties applied to payments made by BlackBerry under a licensing deal.

Qualcomm said on Wednesday it does not agree with the decision of an arbitration panel, but the payment is binding and not appealable.

Qualcomm is also fighting a lawsuit filed by Apple (AAPL), accusing the company of overcharging for chips and refusing to pay some $1 billion in promised rebates.

The U.S. government has accused Qualcomm of resorting to anticompetitive tactics to maintain a monopoly over key semiconductors in mobile phones.

BlackBerry said a final award including interest and that reasonable attorneys’ fees will be issued after a hearing on May 30.

Sullivan & Cromwell represented BlackBerry in the proceeding.