Korean Battery Cos. Avert Import Ban With $1.8B Settlement
By Alex Lawson (April 11, 2021, 3:04 PM EDT) -- South Korean battery maker SK Innovation agreed to pay $1.8 billion to settle a bitter trade secrets dispute with rival LG Energy Solution Sunday, averting a sweeping U.S. import ban that could have jeopardized the Biden administration's electric vehicle push.
LG Energy Solution Ltd. and SK Innovation Co. announced the settlement mere hours before the White House was set to decide whether to uphold an import ban triggered by the U.S. International Trade Commission in February. LG Energy claimed that SK Innovation poached employees and stole electric battery trade secrets, and the ITC rapped SK Innovation for destroying crucial evidence in...
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