Nanoco Technologies Ltd. Filed a lawsuit against the South Korean tech firm Samsung. It was because Samsung was accused of utilizing the Nanoco’s tech in its QLED TVs. The latest information about this case now suggests that the South Korean company has settled the dispute by offering a $150 million settlement to Nanoco.
By paying the said amount, the company will be able to resolve the trials in USA, Germany, and China. In a federal court, both companies agreed to settle the issue. The settlement was made on the trial eve last month. Where no details about the agreement have been shared publicly.
The GLS Capital MD Adam Gill mentions that Nanoco is an inventor in its respective field. The basic tech of the company permits the formation of quantum dots without the utilization of toxic heavy metals. Such tech advancement provides bright, brilliant, and eco-friendly displays for products like Samsung’s QLED television. He further added that the company was proud to receive the due recognition and compensation for its invention.
Both companies have had several discussions for collaboration. The tech firm Samsung was accused of utilizing the tech of Nanoco in its high-end QLED TVs that were introduced back in 2017. On the other hand, the lawsuit by Nanoco was funded by GLS Capital despite the fact that the US Chamber of Commerce and other critics have advised against third-party funding of lawsuits. Since it unnecessarily promotes the cultures of court cases.
In addition to this, GLS confirmed that they are going to receive almost 60% from the settlement. No further details were shared by Adam Gill. However, the tech firm Samsung has not even mentioned anything about this settlement yet.
Brian is the news author at Research Snipers which mainly covers Technology News, Microsoft News, Google News, Facebook, Apple, Huawei, Xiaomi, and other tech news.