On August 20, 2012, Apple's rising stock price increased the company's market capitalization to a then-record $624 billion. This beat the non-inflation-adjusted record for market capitalization previously set by Microsoft in 1999.[176] On August 24, 2012, a US jury ruled that Samsung should pay Apple $1.05 billion (£665m) in damages in an intellectual property lawsuit.[177] Samsung appealed the damages award, which was reduced by $450 million[178] and further granted Samsung's request for a new trial.[178] On November 10, 2012, Apple confirmed a global settlement that dismissed all existing lawsuits between Apple and HTC up to that date, in favor of a ten-year license agreement for current and future patents between the two companies.[179] It is predicted that Apple will make $280 million a year from this deal with HTC.[180]