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SPX Corp. says Microsoft has agreed to pay it $60 million by Tuesday on its claim that Microsoft had infringed on its patents for conferencing technology.
Last month, a jury in Richmond, Va., had found against Microsoft, maintaining that the company had misused software from SPX's Imagexpo unit. The software was embedded as NetMeeting Whiteboard features in various Microsoft products, SPX had maintained.
"The $60 million is payable by Dec. 30, 2003, and will be reduced by legal and other expenses associated with this lawsuit," SPX said in a statement. The jury had awarded $62.3 million in its verdict in November.
When the jury verdict was announced, there were reports that the award amount could be tripled, because the jury determined the use of the software in question by Microsoft was intentional. Microsoft maintained it had developed the software independently and asked that the SPX patents be invalidated.
SPX, a manufacturer of transformers, antennas, and industrial equipment, reported $3.63 billion in revenue for the first nine months of 2003.
SPX also said Monday that it will pay down $200 million of its outstanding loans on Wednesday.