Japanese Industrial Giants Pay $30M To Settle Battery Suit

By Marius Meland

Law360, New York (July 7, 2004, 12:00 AM EDT) -- Matsushita Electric Industrial Co., Panasonic EV Energy Co., and Toyota Motor Corp. have agreed to pay a combined $30 million to settle a U.S. patent-infringement suit over the use of nickel metal hydride batteries.

Under the deal, Energy Conversion and its subsidiary, Ovonic Battery Co. Inc., will receive a $10-million fee from Matsushita Electric Industrial Co., Panasonic EV Energy Co., and Toyota Motor Corp.

In addition, Cobasys LLC, a company co-owned by Energy Conversion and ChevronTexaco Technology Ventures LLC, will receive $20 million, according to documents...
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