Apple, Samsung settle epic patent infringement battle

Man and woman shake hands- business deal

Terms of the legal settlement were not disclosed. The original case was filed back in 2011 when Apple alleged that Samsung "slavishly" copied their distinctive design in producing their Galaxy line of smartphones.

"We can not provide any details other than that we reached an agreement with Apple", a source from Samsung Electronics said.

Samsung paid $548 million of the $1.05 billion owed to Apple in 2015, but appealed all the way to the U.S. Supreme Court to reverse the $399 million decision. The amount of damages due Apple has bounced around through a series of appeals.

While Apple may have won a moral victory and has been awarded a pile of cash, Samsung still remains as potent an enemy as ever in the multibillion-dollar smartphone market.

Last month, a California jury determined that the size of the reward should be $539 million, a decision that raised objections from Samsung.

"We believe deeply in the value of design, and our teams work tirelessly to create innovative products that delight our customers". Samsung wanted to pay about $28 million.

The importance of the second supplier is potentially massive for Apple, as by having LG Display's expertise to call on in the production of OLED screens, and potentially ramp up massively if it sees fit, it would put the company in a great position to strike cheaper deals with Samsung for the tech and reduce the overall cost of each new iPhone, which it could then pass on to iPhone users. For the companies, the long-running battle was about more than money.

"We're grateful to the jury for their service and pleased they agree that Samsung should pay for copying our products", it added.

As part of an earlier verdict, it was determined that Samsung infringed on three of Apple's iPhone design patents. Samsung overtook Apple to become the world's No. 1 smartphone maker in the third quarter of 2011 - four years after Apple came up with the world's first smartphone. This led the South Korean tech giant to countersue the Cupertino, California-headquartered Apple in the same year.

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