Royal Philips NV was handed a $466 million defeat by jurors who decided the world’s largest lighting company should pay Masimo Corp. for infringing patents covering technology used in fingertip devices that measure blood oxygen and pulse rates using light absorption.
The jury award is the third-largest in the U.S. so far in 2014, according to data compiled by Bloomberg.
Shares of Masimo, which had sought $650 million, surged more than 16 percent to $24.83 on news of the verdict and closed at $24.02. Royal Philips fell 2 percent to $31.02 in New York trading.
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