8:35 AM -- Nokia Corp. (NYSE: NOK) is being sued for a whopping €12 billion (US$17.8 billion) by German firm IP-Com Inc. over an alleged patent infringement.

Read this report from the Guardian to get the full lowdown.

Nokia is already embroiled in a major patent scrap with Qualcomm Inc. (Nasdaq: QCOM). (See Nokia Wins Patent Ruling and More Nokia vs Qualcomm.)

— Ray Le Maistre, International News Editor, Light Reading