Samsung and LG have finally agreed to end all of their legal proceedings and to settle all their disputes with discussion rather than litigation.
These two South Korean giants have been engrossed in a legal battle over a broken Samsung made washing machine from last year’s IFA consumer electronic tradeshow.
Samsung had alleged that the LG executives had sabotaged their show. Apart from this the two technology giants have also been busy fighting over OLED tech leaks that began in 2011.
Moreover Samsung has also alleged that an LG employee stole air-conditioning system secrets from them and this issue is currently being investigated by the authorities.
Recently both these Korean giants released a copy of agreement that states that these two companies will end all their legal battles.
The agreement is signed and stamped by Samsung Electronics CEO Kwon Oh-hyun, the CEO of Samsung Display Park Dong-geun, LG Electronics CEO Koo Bon-joon and the CEO of LG Display Han Sang-beom.
The companies issued a statement in which they stated that this agreement has been reached for the greater good keeping in mind the current severe national economic condition and to focus on improving service and products for consumers.
The companies also stated that the current severe national economic situation can be overcome by working together.
So this means that the two Korean companies will withdraw their suits and will alos ask for each other leniency from the authorities.
This is because according to the law of South Korea criminal cases do not automatically end when the plaintiffs withdraw their suits and the relevant authorities can still punish the accused.
This agreement also comes at a time when LG will be revealing its G4 flagship phone and the phone is said to be bound in natural leather.
LG has also sent out invitations for the unveiling of its next-generation flagship phone which will occur sequentially in six countries.
The events in New, Paris and London are scheduled for April 28th and those in Singapore, Seoul and Istanbul will take place on April 29th.
