The latest statement from litigation firm GLS Capital confirms that Samsung has agreed to ink a $150 million agreement to end Nanoco Technologies Ltd.'s lawsuit. The lawsuit was filed against Samsung for using Nanoco's technology in its QLED TVs. Adam Gill, GLS's Capital managing director, said, “We were proud to support Nanoco in obtaining the recognition and compensation they deserve for their fundamental inventions.”
The payment of $150 million settles litigation in the USA, China, and Germany. Samsung and Nanoco agreed in a federal court on the eve of the trial last month that they had come to an agreement to settle the dispute. However, details about the terms weren't disclosed. Samsung was accused by Nanoco of copying the latter's technology.
As per GLS Capital MD Adam Gill, “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.” You can read more about how QLED TVs work and the importance of quantum dots.
This was allegedly found out after receiving samples while both companies were in talks for a collaboration. The Texas lawsuit accused Samsung of using Nanoco's technology for high-end QLED TVs launched in 2017. GLS Capital funded Nanoco's lawsuit, although critics, including the US Chamber of Commerce, have warned against third-party funding of lawsuits as it unnecessarily promotes litigation.
GLS founder Adam Gill confirmed that the company would receive over 60% of the proceeds from Nanoco's settlement but did not provide further details on the matter. Samsung hasn't said anything about this settlement yet.
