Menu Content
Go Top

Economy

LG, SK Reach Last-minute Settlement in Battery Dispute

Write: 2021-04-11 13:08:00Update: 2021-04-11 13:37:47

LG, SK Reach Last-minute Settlement in Battery Dispute

Photo : YONHAP News

Two South Korean battery makers – LG Energy Solution and SK Innovation – have reached a last minute settlement in a trade secret dispute in the United States.

The officials of the two companies said details of the settlement will be announced on Sunday afternoon.

According to the Washington Post and other media outlets, the agreement will allow SK to complete the construction of its new plants in Georgia and produce batteries without the limitations that the U.S. International Trade Commission (ITC) had imposed.

In February, the ITC gave a final ruling in favor of LG against SK in the trade secret case, issuing a limited ten-year ban on imports of certain batteries by SK.

But the latest settlement invalidates the import ban, allowing SK to continue its operations in the United States.

The settlement came a day before the import ban was set to take effect unless U.S. President Joe Biden vetoes the ITC decision before the Sunday night deadline.

Editor's Pick

Close

This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >