Apple Agrees To $100 Million Settlement In Patent Lawsuit
Today it was announced that Apple has agreed to a settlement in which it must pay $100 Million to Creative Technology Ltd. Creative filed 5 patent lawsuits against Apple over the navigation system used with Apple's iPod MP3 player, claiming Apple violated patents that were already granted to Creative. Apple had filed two patent-infringement countersuits against Creative which were also settled, effectively ending all litigation between the two companies.
"The settlement allows Cupertino, Calif.-based Apple to recoup a portion of its payment if other electronics companies license Creative's technology.
"Creative is very fortunate to have been granted this early patent," Steve Jobs, Apple's chief executive, said in a statement Wednesday. "This settlement resolves all of our differences with Creative, including the five lawsuits currently pending between the companies, and removes the uncertainty and distraction of prolonged litigation."
Creative Chairman and CEO Sim Wong Hoo called the settlement "amicable.""
