Samsung Electronics Co. has agreed to pay $150 million to end Nanoco Technologies Ltd.'s lawsuit accusing it of infringing five television display patents, Nanoco's litigation funding partner announced February 4th 2023.
According to a statement from GLS Capital, Samsung signed the nine-figure deal "that includes a license agreement and the transfer of certain patents."
"We were proud to support Nanoco in obtaining the recognition and compensation they deserve for their fundamental inventions," said Adam Gill, GLS Capital managing director, in a statement. "Nanoco is a true pioneer in its field. Its foundational technology allows quantum dots to be made without the use of toxic heavy metals like cadmium, enabling displays like Samsung's QLED televisions to be brighter, more brilliant and environmentally friendly."
The settlement ends all global litigation between the two companies, including lawsuits in China and Germany, Gill confirmed, and it provides Samsung a worldwide license to use Nanoco's technology.
In a press release, Nanoco said it will net more than $90 million from the settlement after paying its litigation costs.
Samsung couldn't immediately be reached for comment.
The dispute traces back to early 2020, when Nanoco launched a federal lawsuit in Texas claiming that Samsung ripped off the quantum dot visuals for its QLED TVs based on technology samples Nanoco provided. According to the lawsuit, Samsung developed its own competing technology instead of licensing Nanoco's designs, as other major electronics-makers had already agreed to do.
The case was temporarily paused pending validity decisions from the Patent Trial and Appeal Board; the tribunal ruled in May that all challenged claims across the five patents are valid and enforceable.
Mintz Levin Cohn Ferris Glovasky & Popeo PC, Caldwell Cassady & Curry PC, and Ward, Smith & Hill PLLC represent Nanoco. Kirkland & Ellis LLP and Gillam & Smith LLP represent Samsung.
The case is Nanoco Technologies Ltd. v. Samsung Electronics Co., Ltd. et al, E.D. Tex., No. 20-cv-00038, settlement announced 2/3/23.