South Korean rivals Samsung Electronics Co. Ltd. (SSNLF.OB) and LG Electronics, Inc. on Tuesday agreed to end all ongoing legal disputes among their group affiliates. This also included a six-month dispute over damaging of high-end Crystal Blue washing machines on the sidelines of last year's IFA electronics show in Berlin.
"Samsung and LG agreed to end all lawsuits. We also agreed to solve future disputes through dialogue rather than filing legal suits," the two companies said in a joint statement.
The joint statement was co-signed and stamped by Samsung Electronics Vice Chairman Kwon Oh-hyun, LG Electronics CEO Koo Bon-joon, LG Display CEO Han Sang-beom and Samsung Display CEO Park Dong-geun.
According to a joint statement, the top executives from both sides said it was time to focus on improving their products and services for the customers.
The arch-rivals have agreed to drop charges against each other and will inform the relevant authorities about the agreement. The decision reportedly resolves five conflicts.
As part of the agreement, the two companies have also decided to shelve an ongoing old feud of 2011 between their sister affiliates, Samsung Display and LG Display, over allegations of theft of LG's organic light-emitting diode (OLED) display panel technologies. Samsung Display employees were indicted in February on these charges.
Additionally, the agreement will see the companies dropping an ongoing case related to an LG executive's alleged damaging of Samsung washing machines in a showroom in Germany.
For comments and feedback contact: editorial@rttnews.com
Business News