American innovator Apple (NASDAQ:AAPL) and Taiwanese rival HTC have settled their legal disagreements.
The two companies issued a joint statement over the weekend to announce the end of all litigation between them. Lawsuits have been settled on a global level and there's a 10-year cross-licensing deal in place to prevent new disputes. The license extends to current and future patents held by both parties.
The terms of the agreement are confidential. However, the dollar amounts appear to be minimal if money changed hands at all. Separately, HTC said there will be "no material adverse impact on the financials of the Company."
Both sides seem pleased with the outcome. HTC CEO Peter Chou vowed to "focus on innovation instead of litigation," and Apple CEO Tim Cook sang a very similar tune: "We will continue to stay laser focused on product innovation."
The settlement puts an end to two-and-a-half years of courtroom drama, including a court-ordered round of mediation earlier this year.