Schneider Unit, Chint Settle Patent Spat For $23M

Law360, New York (April 15, 2009, 12:00 AM EDT) -- A unit of France's Schneider Electric has reportedly agreed to pay Chinese rival Chint Group 157.5 million yuan ($23 million) - roughly half the court's original award in 2007 - to settle a three-year legal battle over patents for low-voltage electrical equipment.

Schneider Electric Low Voltage Co. Ltd. promised to pay the award within 15 days under the terms of the agreement filed with the Higher People's Court for Zhejiang Province, the Xinhua news agency reported Wednesday.

The two companies also agreed to a global compromise...
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