LG, SK beef up legal teams after battery dispute
Posted : 2021-05-07 15:24
Updated : 2021-05-07 16:02
Company logos of LG and SK are seen in front of their respective corporate headquarters in Seoul. Korea Times file
By Kim Hyun-bin
LG Chem and LG Energy Solution (LGES), and SK Innovation (SKI) are hiring more legal professionals to handle any future legal disputes, according to local industry sources.
The LG affiliates and SKI recently wrapped up a multi-billion dollar intellectual property battle with the latter agreeing to pay 2 trillion won to LGES ― 1 trillion won in cash and 1 trillion won as royalties.
Industry watchers say the companies are now well aware of the importance of obtaining competent legal professionals to counter future legal conflicts. LGES, a wholly-owned subsidiary of LG Chem, and SKI reached a last minute settlement in the trade secrets dispute in the United States.
The International Trade Commission has banned South Korea s SK Innovation from exporting batteries used in electric vehicles to the United States in a dispute with LG Energy Solutions over trade secrets.
LG Energy Solution warns SK Innovation it may file more suits
Photo by: LG Global/Facebook Friday, February 12, 2021 10:07 AM UTC
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LG Energy Solution already won in its patent dispute against SK Innovation, but it seems it will be filing more lawsuits if the rest of the issues are not settled. The U.S. International Trade Court sided with LG based on the final ruling that was handed down this week.
Reuters reported that SK Innovation was slapped with a 10-year ban on lithium-ion battery import to the U.S. However, the ruling states that the ITC will allow SKI to import parts for domestic production of the lithium-ion batteries and other components for Volkswagen’s MEB electric vehicle for two years and parts for Ford Motor’s EV F-150 for four years.