South Korean battery makers LG Energy Solution and SK Innovation have very different ideas on how much the latter to should pay the former to settle their ongoing lawsuit over trade secret.
LG is seeking a payment of around 3 trillion won; while SK is seeking to pay less than 1 trillion won, people familiar with the matter said.
In its final judgment last month, the US International Trade Commission ruled in favor of LG over the pair’s dispute over trade secret. On Thursday, the commission unveiled its verdict in full, saying SK Innovation's destruction of evidence "was ordered at a high level and was carried out by department heads throughout SK," and called the company’s move "extraordinary."
It said SK violated 22 trade secrets of LG. The commission also said SK would have been unable to develop the technology explained on these trade secrets on its own for the next ten years.
SK said the ITC failed to verify the trade secrets alleged by LG. In response, LG held a conference call, saying the door to negotiations for a settlement was open. However, SK must admit wrongdoing, LG has said. LG said it was also wailing to receive its payment in various ways, from cash, equity to royalties.
SK said it plans to seek a Presidential Review from the White House and strongly request for a veto of the ITC’s judgment.
The veto must come before April 11, or ITC’s judgment will stand. It seems LG and SK will continue their dispute until then to secure a favorable position in their negotiations.
