Samsung Electronics has agreed to pay $150 million to Nanoco Technologies, a UK-based company, to settle a patent lawsuit related to technology used in the South Korean manufacturer’s LED TVs. Nanoco backed GLS Capital, a company that finances small business litigation with tech giants.
According to representatives of Nanoco Technologies and its investor, as a result of the litigation, an agreement was reached, including the conclusion of a license agreement and “the transfer of certain patents.” As a result, the company dropped claims against Samsung in the US, Germany and China. It is known that the parties informed the court about reaching agreements at the end of last month, but at that time no terms of the deal were disclosed.
so-called. Quantum dots, developed by Nanoco, improve the backlight quality of LED displays without the use of toxic heavy metals like cadmium. The lawsuit was filed against Samsung in 2020. The South Korean tech giant has been accused of copying the technology after receiving samples while discussing a possible collaboration. The lawsuit, filed in Texas, reported that Samsung began using Nanoco technology in advanced QLED TVs released in 2017.
Investor financing of lawsuits filed by small companies against tech giants has become extremely popular in recent years. The practice has been criticized by agencies such as the US Department of Commerce, who claim that such processes encourage “unnecessary” litigation. Proponents say this helps create a level playing field and allows for fairness.
According to representatives of Nanoco, the financing of GLS Capital made it possible to sort things out on an equal footing in the legal field with a much larger adversary. GLS says that Nanoco in this case will receive more than 60% of the $150 million received as a result of the agreement, but did not disclose additional details of the agreement. The company literally said that they were “proud” of supporting Nanoco in a dispute with Samsung.
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