More bad news for Samsung. Following President Obama’s decision to veto the import ban on Apple’s iPhone 4 and 3G iPad 2 the Wall Street Journal reports that $1B has been wiped from the South Korean company’s market value. The drop in share price amounted to almost one percent of Samsung’s total value.
President Obama’s decision to veto the rulings of a patent trial between Apple and Samsung in which the two already-outdated iDevices were banned from being imported into the U.S. was announced on Saturday. While the devices in question would essentially be off the market by the time the ban went into effect, the ruling could set a dangerous precedent for Apple and other tech companies in the future.
This represents the first time in over two decades that the president has vetoed a ban from the U.S. ITC, with Obama noting that the ruling could give future patent holders “undue leverage,” although some have suggested that the President may have overruled the ban as a personal favor to Apple. Samsung will reportedly attempt to appeal the decision.