Samsung Electronics has agreed to pay $150 million (roughly Rs. 1,237 crore) to British nanotechnology firm Nanoco Applied sciences to settle patent lawsuits over know-how utilized in Samsung’s LED televisions, Nanoco and an investor in its circumstances mentioned Friday.
Nanoco and Chicago-based litigation funding agency GLS Capital mentioned in a launch that the settlement, which features a license settlement and the “transfer of certain patents,” resolves litigation in the US, Germany and China.
Samsung and Nanoco instructed a Texas federal court docket 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.
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 couple of potential collaboration.
The Texas lawsuit mentioned 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 frequent lately, although particulars about particular investments are hardly ever publicised. Critics such because the US Chamber of Commerce have warned that the observe obscures who’s driving lawsuits and promotes pointless litigation. Backers say it could degree the taking part in discipline and promote justice.
Nanoco CEO Brian Tenner mentioned in a press release that GLS Capital’s financing “allowed us to pursue our claims on equal footing against a much larger adversary.”
GLS co-founder Adam Gill mentioned Nanoco would obtain greater than 60 % of the proceeds from the settlement however declined to supply further particulars on their funding settlement. He mentioned the agency was “proud” to have supported Nanoco within the dispute.
GLS subsidiary Celerity IP is individually managing Taiwanese tech firm Asustek Computer’s effort to implement its portfolio of 3G, 4G and 5G wi-fi patents, Gill mentioned.
The case is Nanoco Applied sciences Ltd v. Samsung Electronics, US District Court docket for the Jap District of Texas, No. 2:20-cv-00038.
For Nanoco: Michael Newman, Jim Wodarski, Michael Renaud, Tom Wintner and Matt Galica of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo
For Samsung: Greg Arovas, Ed Donovan and Jeanne Heffernan of Kirkland & Ellis.
© Thomson Reuters 2023