[Breaking News] LG and SK Agree on 2 Trillion Won Settlement... Battery Dispute Resolved for Now

LG Energy Solution and SK Innovation announced on the 11th that they have agreed to end all battery disputes ongoing in the United States.

Accordingly, all litigation procedures that have been underway since April 2019 have been concluded. Under the agreement, SK Innovation will pay LG Energy Solution a total of 2 trillion KRW in present value terms (1 trillion KRW in cash + 1 trillion KRW in royalties) according to the agreed method, while withdrawing all related domestic and international disputes and agreeing not to pursue any additional disputes for the next 10 years.

The two companies, which had been engaged in domestic and international battles over electric vehicle battery trade secrets, patent infringements, and poaching of personnel, reached a sudden agreement one day before the deadline for U.S. President Joe Biden's veto review.