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Samsung Electronics Co. has ended the Nanoco Technologies patent suit by agreeing to sign a $150 million settlement deal. The case is related to the usage of technology in Samsung's QLED TV models.
As per Yonhap News Agency, GLS Capital which is standing as litigation funder of Nanoco Technologies, made an announcement late last week, stating that it has reached a settlement agreement with Samsung. The deal was signed just before the trial was to begin on Jan. 6.
GLS Capital and Nanoco released a joint statement to confirm the settlement that will also officially end the litigation. Their agreement also includes a licensing deal and the transfer of certain patents.
Lastly, all the proceedings related to the case in China, Germany, and the United States are officially resolved. Samsung and Nanoco did not provide the exact details of the terms.
Their patent infringement lawsuit started in 2020 after Nanoco sued Samsung. The former accused the South Korean electronics firm of copying its technologies related to the use of quantum dots and synthesis in TVs.
The UK-based tech firm is known for its quantum dot displays that do not contain the toxic metal cadmium. At any rate, Nanoco sued Samsung for five display patents, and all of these are now settled with the $150 million payment and licensing agreement.
"We were proud to support Nanoco in obtaining the recognition and compensation they deserve for their fundamental inventions," Bloomberg Law quoted GLS Capital's managing director, Adam Gill, as saying in a statement. "Nanoco is a true pioneer in its field. Its foundational technology allows quantum dots to be made without the use of toxic heavy metals like cadmium, enabling displays like Samsung's QLED televisions to be brighter, more brilliant and environmentally friendly."
Nanoco Group plc's CEO, Brian Tenner, further said in a press release, "Today marks the start of a new chapter for Nanoco and we have successfully validated our core IP against one of the world's biggest electronics companies, who were advised by one of the most expensive law firms in the world. Others operating in our space should take note."
Photo by: Ravi Sharma/Unsplash
