Thursday, Applied Materials, Inc. (AMAT) and China's Advanced Micro-Fabrication Equipment, Inc. (AMEC) revealed a settlement to the patent litigation between the two companies, resolving all outstanding disputes.
As per the settlement, the disputed patent families will now be jointly owned. Shanghai, China-based AMEC has also made an undisclosed payment to Applied Materials and the two companies have agreed to collaborate on projects in future.
Applied filed a suit with the U.S. Northern District Court of California in 2007, claiming that AMEC was allegedly involved in misappropriation of trade secrets, breach of contract and unfair competition. The co-defendants in the suit included several AMEC executives, who were former employees at Applied Materials.
AMAT is currently trading at $13.61, down $0.19 or 1.38%, on the Nasdaq.
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