Samsung has agreed to sign a $150 million (currently about RMB 1.019 billion) agreement to end a lawsuit filed by Nanoco Technologies Ltd. against it over claims that Samsung’s QLED TVs infringe on five of its TV display patents, a new statement from litigation firm GLS Capital confirms.
According to Adam Gill, Managing Director of GLS Capital, “Nanoco is a true pioneer in its field, with underlying technology that allows quantum dots to be manufactured without the use of toxic heavy metals like cadmium, making displays like Samsung’s QLED TVs brighter and more environmentally friendly.”
Gill confirmed that the settlement agreement ends all global litigation between the two companies, including in China and Germany, and provides Samsung with a worldwide license to use Nano co’s technology.
The dispute dates back to early 2020 when Nanoco launched a federal lawsuit in Texas claiming that Samsung stole quantum dot visuals for its QLED TVs based on technology samples provided by Nanoco and that Samsung developed its own competing technology without paying for a license to use Nano co’s technology.
GLS Capital reportedly funded Nano co’s lawsuit, and GLS founder Adam Gill confirmed that the firm will receive more than 60 percent (more than $90 million) of Nanoco’s settlement, but provided no further details on the matter, to which Samsung has not yet responded.