Korea's prime minister 'embarrassed' by LG and SK’s battery lawsuit
Attempts to mitigate the dispute failed, Chung said.
South Korea’s prime minister Chung Sye-kyun on Thursday said he was “embarrassed” by the lawsuit over battery technology between LG Energy Solution and SK Innovation.
At a local speaking event in Seoul, Chung said he tried to mitigate in the dispute between the pair. The prime minister called CEOs as well as meeting them personally to ask for a settlement, but to no avail, he said.
LG and SK were South Korea’s leading companies yet they have been embroiled in a lawsuit in the US for three years, the prime minister said, costing billions of wons and even the US politicians asking for the problem between the pair to be resolved.
Chung said the two companies to both step back a step and resolve the issue. They should pursuit the world market extend of fighting over a small pie of the market, the prime minister added.
LG Energy Solution and SK Innovation has been embroiled in a lawsuit over trade secret leak allegation made by the former to the latter since April 2019 at the US International Trade Commission and the district court of Delaware.
The ITC recently took the side of LG and is expected to announce a final verdict on February 10.
The pair are discussing a settlement but is yet to reach a figure that they can both agree on.