The latest statement from litigation firm GLS Capital confirms that Samsung has agreed to sign a $150 million settlement to end the lawsuit against Nanoco Technologies Ltd. The lawsuit was filed against Samsung for using Nanoco’s technology in its QLED TVs. Adam Gill, Managing Director of GLS Capital, said:We were proud to support Nanoco in getting the recognition and compensation they deserve for their fundamental inventions.”
The $150 million payment settles litigation in the United States, China and Germany. Samsung and Nanoco agreed in federal court on the eve of the trial last month that they had reached an agreement to settle the dispute. However, details on the terms were not disclosed. Samsung has been accused by Nanoco of copying Nanoco’s technology.
According to GLS Capital MD Adam Gill, “Nanoco is a true pioneer in its field. Its core technology creates quantum dots without using toxic heavy metals like cadmium, enabling screens like Samsung’s QLED TVs to be brighter, brighter and more environmentally friendly..” You can read more about how QLED TVs work and the importance of quantum dots.
This was reportedly discovered after receiving samples as the two companies were in talks for a collaboration. The Texas lawsuit accused Samsung of using Nanoco’s technology for high-end QLED TVs launched in 2017. GLS Capital funded Nanoco’s lawsuit, though critics including the U.S. Chamber of Commerce have warned against third-party funding of lawsuits because it unnecessarily promotes litigation.
GLS founder Adam Gill confirmed that the company would receive more than 60% of the Nanoco settlement proceeds, but did not provide further details. Samsung has not yet said anything about this settlement.