Volkswagen strikes deal with Broadcom to end patent lawsuit: source
BERLIN (Reuters) - Germany's Volkswagen has struck a deal with U.S.
BERLIN (Reuters) - Germany's Volkswagen has struck a deal with U.S. semiconductor maker Broadcom, ending a billion-dollar patent lawsuit that pitted the carmaker against its supplier, a source close to Volkswagen told Reuters on Wednesday.
The companies signed an out-of-court settlement, the source said, adding that a court hearing scheduled for Friday had now been cancelled. Volkswagen declined to comment.
Broadcom did not immediately respond to a request for comment.
Der Spiegel news magazine reported in early November that California-based Broadcom had made a patent claim for more than $1 billion against Volkswagen and threatened to seek a judicial ban on the production of several car models.
Bloomberg first reported about the case on Wednesday.
Patent claims brought against manufacturers by supplier firms, often seeking large compensation amounts, are increasingly frequent as the industry's digital transformation advances.
(Reporting by Jan Schwartz; Writing by Tassilo Hummel; Editing by Adrian Croft)
This story has not been edited by Firstpost staff and is generated by auto-feed.
NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.
By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.