US Synthetic Settles National Oilwell Varco Units' Suit

Law360, New York (August 22, 2008, 12:00 AM EDT) -- U.S. Synthetic Corp. has struck a settlement deal in an infringement suit filed by Grant Prideco Inc., ReedHycalog U.K. Ltd. and ReedHycalog LP over four patents related to diamond elements used in drill bits for oil and gas exploration.

The plaintiffs (which were acquired by National Oilwell Varco Inc. in April) and defendant U.S. Synthetic filed a stipulated motion on Thursday, asking U.S. District Judge Leonard Davis of the Eastern District of Texas to dismiss their claims against each other with prejudice.

Details of the settlement...
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