The settlement stems from a request for arbitration that Nokia filed in April 2016 with the International Chamber of Commerce International Court of Arbitration.
The dispute did not involve any allegations of IP infringement and BlackBerry said it would continue to pursue additional patent infringement claims against Nokia. Nonetheless, Nokia maintains that BlackBerry's claims of patent infringement are without merit.
"BlackBerry is disappointed that the Court of Arbitration did not agree with our arguments in the case but we accept their decision," BlackBerry said in a statement. "This ruling does not change BlackBerry's assertion that Nokia is infringing on our intellectual property and we are continuing to vigorously pursue legal remedies in both the U.S. and Germany."
BlackBerry said it will record the amount of the award as a one-time GAAP-only charge.
Earlier this year BlackBerry found itself on the receiving end of an arbitration ruling related to a contract dispute with Qualcomm.
The two companies had agreed to arbitrate a contract dispute over whether Qualcomm's royalty cap program applied to payments made by BlackBerry under a licensing deal. The arbitrator determined that BlackBerry had indeed overpaid royalty fees between 2010 and 2015, and BlackBerry was awarded a settlement of $940 million.