Final Agreement Between SK and LG
SK Innovation has reached a final agreement on the settlement of a battery dispute with LG Chem and LG Energy Solution.
SK Innovation announced on May 17 that it signed an agreement with LG Chem, LG Energy Solution and LG Energy Solution Michigan in accordance with the U.S. International Trade Commission's final determination issued on May 15.
Major agreements include the mutual withdrawal of all disputes at home and abroad, exemptions from all responsibilities arising from lawsuits related to patents and trade secrets and permanent licenses, an agreement on not filing patent lawsuits between the two sides over the next 10 years, and the lump-sum payment of one trillion won in settlement money and up to one trillion won in royalties.
The combined amount of the lump-sum settlement money and royalties to be paid to LG Energy Solution amounts to more than 2.5 percent of SK Innovation's consolidated net worth.