Nokia, Lenovo End Patent Licensing Dispute - Lenovo Gr (OTC:LNVGY), Nokia (NYSE:NOK)

Nokia Oyj NOK concluded a multi-year, multi-technology patent cross-license agreement with Lenovo Group Ltd LNVGY.
Lenovo will make a net balancing payment to Nokia under the arrangement. The financial terms of the agreement were not disclosed.
The agreement resolved every undecided patent litigation and other proceedings between the companies in every jurisdiction.
Nokia had filed a patent infringement lawsuit against Lenovo in 2019 for alleged infringement of 20 video-compression technology patents. The litigations involved U.S., Brazil, India, apart from six cases in Germany.
Lenovo also filed a lawsuit against Nokia in California. A September Munich Court upheld Lenovo’s patent infringement leading to an injunction and product recall. A German court stayed the order.
The agreement reflected Nokia’s decade-long R&D investments and cellular and multimedia standard contributions, stated Nokia Technologies President Jenni Lukander.
The agreement echoed the value of both Nokia’s technology leadership and Lenovo’s continued investment in 5G innovation, added Lenovo Chief Intellectual Property Officer John Mulgrew.
Last month, Nokia struck a patent licensing agreement with Samsung Electronics Co Ltd SSNLF, encompassing its innovations in video standards.
Price action: NOK shares traded higher by 0.40% at $4.02, while LNVGY shares traded lower by 0.83% at $27.61 on the last check Wednesday.