TOKYO -- Toshiba announced Friday that it has reached a settlement in its lawsuit against SK Hynix, in which it had charged that the South Korean company had wrongfully acquired its NAND flash memory technology.
Under the agreement, SK Hynix will pay Toshiba $278 million. Further details have been kept private, but the South Korean company apparently acknowledged a portion of Toshiba's claims. With the settlement reached, the companies said they will expand their collaboration in the semiconductor field.
Toshiba alleged in March that SK Hynix had obtained the technology through a former SanDisk employee who was working at the plant that Toshiba and the U.S. memory chip maker operate together in Yokkaichi, Mie Prefecture.
Toshiba had filed suit in the Tokyo District Court calling for roughly 110 billion yen (then $1.08 billion) in damages on the grounds that SK Hynix violated Japan's unfair competition prevention law.