Law360, New York (February 19, 2009, 12:00 AM ET) -- A federal jury has ordered Transamerica Life Insurance Co. to pay $13.1 million to Lincoln National Life Insurance Co. after finding that Transamerica sold benefit riders that infringe a Lincoln National patent.
The jury in the U.S. District Court for the Northern District of Iowa handed down its verdict Feb. 13. The $13.1 million figure represents an 11 percent royalty of the $11.9 billion in assets in Transamerica's allegedly infringing variable annuity products during the infringement period.
The jury also rejected Transamerica's argument that the patent...
Transamerica Ordered To Pay $13M In Patent Suit
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