Seiko Epson Corporation ("Epson," TSE: 6724) today announced that it has agreed to settle for US$80 million civil lawsuits filed against it in the United States and United Kingdom by Nokia Corporation of Finland and its subsidiaries ("Nokia") seeking damages stemming from purchases of liquid crystal displays.
In November 2009, Nokia filed lawsuits in the United States and United Kingdom against Epson and its subsidiary companies including Epson Imaging Devices Corporation alleging violations of antitrust and competition laws. Epson has denied liability and vigorously defended the lawsuits. Because of the ongoing impacts of the lawsuits on its business and the expense of continuing litigation, however, the company has determined that settlement of the litigation is in Epson's best interests.
Details of settlement
Epson will pay Nokia the sum of US$80 million in full settlement of Nokia's claims, and Nokia will discontinue all related lawsuits filed against Epson and its global affiliates.
Impact on business results
Epson will, because of this settlement, post an extraordinary loss in its business results for the third quarter of the fiscal year ending March 2012. However, after evaluating factors such as recent business trends and prospects for extraordinary profits and losses going forward, Epson has decided to stand by its full-year forecast announced on November 14.
Latest News Posts
- Fallout 76 players crash servers with nuclear chaos
- Spyro Reiginited Trilogy may get subtitles added soon
- Piccolo/Cell/Kenshin and Shishio added to Jump Force roster
- Super Smash Bros. Ultimate post-launch rumor, more content?
- Switch SMITE scheduled for Jan 24th launch, pre-orders live
- Crucial P1 500GB NVMe SSD - $100 NVMe
- Narrow bezel on a metallic chassis MSI PS42 14 Thin & Light Laptop Review
- is a supplement this is
- 'Koala Stoner Noir' Free Demo Released Today. Full Game Updated With New Map Location And Cinema Experience
- TRENDnet launches long-range PoE+ switches
- ADATA Launches Ultimate SU630 3D QLC NAND SSD
- Razer announces the BlackWidow Lite
- ASUS ROG Announces ROG Strix Radeon RX 590 Graphics Card