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Spansion gains US$70 million from Samsung in patent spat settlement
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Spansion Inc. will receive US$70 million from Samsung in a settlement of patent litigation filed by Spansion against Samsung in November, 2008. The cash deal has to be approved by the bankruptcy court, as Spansion recently filed for Chapter 11 bankruptcy protection while continuing to operate.
"Spansion is a technology innovator in Flash memory with valuable IP and this agreement is a significant milestone in the company's strategy to further develop its IP licensing business," said John Kispert, Spansion President and CEO. "In addition, the agreement strengthens our cash position to help Spansion emerge from the Chapter 11 process a stronger and more focused company."
In January, 2009, Samsung filed a patent infringement complaint in Japan against Spansion Japan Limited. The settlement includes exchanging rights on their patent portfolios in the form of licenses and covenants subject to a confidential settlement agreement.