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Michael Cohen, an analyst who covers Rambus for Pacific American Securities and also holds 500 shares of Rambus stock, said the latest ruling could force the manufacturers to the settlement table.

“One of the main backdrops of this war is that it may end in a settlement,” Cohen said. “This appears to take a lot of hope out of the manufacturers’ cause which may make them more willing to settle.”

Tuesday’s ruling raised questions about the FTC’s conclusion that if Rambus had disclosed its plans, the standards-setting body would’ve used different technology or at least arranged for a reasonable licensing program. The FTC had placed a cap on Rambus’ royalties as a result.

Judge Williams wrote that there wasn’t sufficient evidence to claim that the standards organization would have gone with different technology. He also wrote that “deceit merely enabling a monopolist to charge higher prices than it otherwise could have charged … would not in itself constitute monopolization.”

On top of that, the panel had doubts about the some of the evidence that Rambus engaged in deceptive conduct.