On August 24, 2012, nine American jurors ruled that Samsung had to pay Apple$1.05 billion in damages for violating six of its patents on smartphone technology. The award was still less than the$2.5 billion requested by Apple. The decision also ruled that Apple did not violate five Samsung patents cited in the case. Samsung decried the decision saying that the move could harm innovation in the sector. It also followed a South Korean ruling stating that both companies were guilty of infringing on each other’s intellectual property. In first trading after the ruling, Samsung shares on the Kospi index fell 7.7%, the largest fall since 24 October 2008, to 1, 177, 000 Korean won