[ad_1]
Press conference after the final decision of the ITC … “Third organizations and external intervention hinder the agreement a lot”
It states: “It is up to SK to apply punitive damages”
LG Energy Solutions, which won the US International Trade Commission (ITC) infringement lawsuit against SK Innovation, said: “I don’t expect SK Innovation to go out of business.” It was argued that it was a prerequisite for doing so.
He stressed that it is entirely up to SK Innovation’s attitude to file additional lawsuits against SK Innovation in other regions, such as Europe, based on the US ITC’s decision.
LG Energy Solution Executive Vice President Seung-se Jang held an online press conference (conference call) on the afternoon of the 11th and said, “SK will definitely have a hard time getting orders without resolving our compensation for damages.” We will be able to continue our business in the future. “
“It is difficult to say that the damage caused by the acquisition of SK technology is limited to the US region, and the damage occurred in other countries, such as Europe and Korea,” said Han Woong-jae, head of the department. legal. It depends on your attitude, ”he said.
LG Energy Solutions said that although it had dealt with SK Innovation several times from last year to recent years, it was difficult because SK basically did not acknowledge the trade secret infringement.
LG did not specifically mention the desired amount of settlement on the day.
However, he explained that the application of punitive damages will vary depending on SK’s negotiating attitude.
“According to the standards for damages under the US Federal Trade Secrets Protection Act, punitive damages are legal up to 200%,” said Seung-se Jang. “However, whether or not damages are included in the compensation depends entirely on the attitude of SK Negotiations,” he said.
LG Energy Solutions assessed that ITC’s decision was a great opportunity to establish the principle of protection of intellectual property rights in the electric vehicle battery industry and resolve the uncertainties of Ford and Volkswagen in the United States.
“It is a very important milestone that confirmed the great principle that intellectual property rights and trade secrets must be protected in the battery industry, a new and growing industry,” said Jang. “Like LG Energy Solution, companies based on electric vehicle battery technology are duly protected and valued. Conditions to actively attract customers have been confirmed.”
“By clearly defining the grace period for ITC’s import ban on Ford and Volkswagen, it is now possible for the two companies to find alternative suppliers other than SK and maintain electric vehicle production.” “What remains now is for both companies to reasonably compensate for the damages. “It is closing the negotiations and quickly resolving the remaining uncertainties in the long term.”
LG Energy Solutions made clear its opposition to the introduction of a national arbitration body in which experts participate.
Managing Director Han Woong-jae said: “If you enter the third arbitration process, there is a difficulty that you have to spend twice the time and cost in addition to the time and cost on ITC litigation for almost two years.” The US ITC and the courts will be the most familiar and objective. “
It was also said that if outsiders intervened, such as third parties, it could interfere with the deal.
LG Energy Solutions also mentioned the possibility of Ford and Volkswagen entering into a supply contract with SK Innovation after the grace period for the import ban.
CEO Jang said: “It is difficult to predict because it is the area of customer judgment and decision making, but since both Ford and Volkswagen were LG customers before SK’s orders, LG is also one of the candidates. for alternative providers. All possibilities are open and the final decision is made by the customer. “
Additionally, LG Energy Solutions said there was no specific case of breach of its trade secrets by companies other than SK Innovation, and that it would review legal actions if the facts are revealed.
/ yunhap news
