Two global technology players, GlobalFoundries (NASDAQ: GFS) and IBM (NYSE: IBM) have reached a settlement in their ongoing lawsuits. They resolved all litigation matters including that of the breach of contract, trade secrets and IP claims. With this settlement, the ongoing legal dispute ends and will allow companies to explore new opportunities for collaboration in areas of mutual interest.
However, the details of the settlement remain confidential and both parties have expressed satisfaction with the outcome.
“We are pleased to have reached a positive resolution with IBM, and we look forward to new opportunities to build upon our long-standing partnership to further strengthen the semiconductor industry,” said Dr. Thomas Caulfield, president and CEO of GF.
“Resolving these disputes is a significant step forward for our companies and will allow us to both focus on future innovations that will benefit our organizations and customers,” said Arvind Krishna, Chairman and CEO of IBM.
