Samsung agrees to settle patent lawsuits with Nanoco Tech, to pay $150 million

Samsung Electronics Co has agreed to pay $150 million to British nanotechnology firm Nanoco Technologies to settle patent lawsuits over know-how utilized in Samsung’s LED televisions, Nanoco and an investor in its circumstances stated Friday.

Nanoco and Chicago-based litigation funding agency GLS Capital stated in a launch that the settlement, which features a license settlement and the “transfer of certain patents,” resolves litigation within the United States, Germany and China.

Samsung and Nanoco informed a Texas federal courtroom on the eve of a trial final month that that they had agreed to settle the dispute, however no phrases have been disclosed on the time.

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Representatives for Samsung didn’t instantly reply to a request for remark.

Nanoco’s quantum dots enhance the backlighting of LED shows with out the usage of poisonous heavy metals like cadmium. It sued Samsung in 2020, alleging the Korean tech large copied its know-how after receiving samples throughout talks a few potential collaboration.

The Texas lawsuit stated Samsung started incorporating Nanoco’s know-how into high-end QLED TVs launched in 2017.

Third-party funding of lawsuits has changing into more and more widespread in recent times, although particulars about particular investments are not often publicized. Critics such because the U.S. Chamber of Commerce have warned that the follow obscures who’s driving lawsuits and promotes pointless litigation. Backers say it could possibly stage the taking part in subject and promote justice.

Nanoco CEO Brian Tenner stated in an announcement that GLS Capital’s financing “allowed us to pursue our claims on equal footing against a much larger adversary.”

GLS co-founder Adam Gill stated Nanoco would obtain greater than 60% of the proceeds from the settlement however declined to supply extra particulars on their funding settlement. He stated the agency was “proud” to have supported Nanoco within the dispute.

GLS subsidiary Celerity IP is individually managing Taiwanese tech firm Asustek Computer Inc’s effort to implement its portfolio of 3G, 4G and 5G wi-fi patents, Gill stated.

This story has been revealed from a wire company feed with out modifications to the textual content. Only the headline has been modified.

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