Monday, August 11, 2003
Broadcom ended a long-standing legal battle early Friday (Aug. 8) by agreeing to pay Intel $60 million to settle patent litigation suits raging in both the US court system and at the International Trade Commission.
The Broadcom/Intel battle has been raging in the court system since 2000. Over the span, both companies have filed suits and counter suits surrounding the development of networking chips.
Now the battle is over. Under the settlement agreement, all outstanding claims and counterclaims in those actions will be dismissed with prejudice. The companies also agreed to cross-license agreement, under which the companies will license patents in dispute to the other company for the respective lives of the patents.
Broadcom will pay Intel the $60 million in cash in two equal installments in the third and fourth fiscal quarters of 2003. Broadcom said that it will take a one-time charge for the settlement payment in its financial statements for the fiscal quarter ended June 30, 2003
By: DocMemory
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