A federal jury yesterday ordered Marvell Technology Group to pay $1.17 billion in damages in a patent infringement lawsuit brought by Carnegie Mellon University.
Marvell was accused of infringing patents for technology to increase the accuracy with which hard disk drive circuits read data from high-speed magnetic disks, lawyers for Pittsburgh-based Carnegie Mellon said.
Marvell shares closed down 10.3 percent at $7.40.