Funny post about Apple v. Samsung payment brings reminder

A humorous fictional piece circulating on the net and in social media about the payment of a billion dollars by Samsung to Apple in the form of thirty trucks loaded with nickels reminds parties and their lawyers drafting terms of the need for providing specificity of payment terms in any settlement agreements. Though providing funds by check to the trust account of the lawyer on behalf of the client in a set number of days is the most common form of payment, the straight wiring of funds between parties' financial institutions is increasing. The wiring of money in settlement agreements often includes specific routing instructions and provides time for funds to clear. Typical time frames are 30 to 45 days from the confidential conference if a deal is reached at mediation, though the presence of insurance sometimes shortens this to twenty days. Tax consequences of business dispute payments versus personal injury settlements should also be explored. In any event, if you like Onion-style stories and need a quick laugh, see http://www.zurmat.com/2012/08/29/samsung-pays-apple-1-billion-sending-30-trucks-full-of-5-cent-coins/ and http://www.snopes.com/politics/satire/samsung.asp

Apple and Samsung CEOs to mediate Patents

CEOs of Apple and Samsung are set to mediate at a San Francisco federal courthouse tomorrow in the U.S. Northern District of California case of Apple, Inc. v. Samsung Electronics Co., Ltd. The U.S. Court of Appeals for the Federal Circuit found last Monday that the district court erred in deciding that Apple failed to show that it was likely to succeed on the merits, which means Apple may yet press for an injunction to block the sale of Samsung tablets. While the trial court considers the claims, Apple's Tim Cook and Samsung's Choi Gee-sung have been directed by a federal judge to appear for a court-supervised mediation. Apple and Samsung are bitter rivals in the electronics marketplace. While Samsung's smartphones and tablets run Android and compete with Apple's iOS products, Samsung is also a key component supplier to Apple. Apple has accused Samsung of infringing on the iPhone and iPad through products that run on Google's operating system, and Samsung has counter-sued on claims that Apple infringed its patents. The case is set for trial this summer. Magistrate Judge Joseph Spero will preside over the high-stakes IP mediation. I blogged about this case last fall, when Steve Jobs died. I still believe that a face to face meeting of the ultimate decision makers can benefit these companies and allow them to move on together in the mobile marketplace. See articles - http://trib.in/K7ETUJ and http://reut.rs/JBQJ8N