Cree And Kingbright Settle Patent Dispute, Reach License Deal

(RTTNews) - Cree, Inc. (CREE) said it has reached a confidential settlement in its patent infringement lawsuit with Kingbright, Inc. The company and Kingbright have also agreed to a royalty bearing, worldwide license to the Cree patents-in-suit, thereby ending the lawsuit between the parties.

Brad Kohn, vice president legal and general counsel for Cree said, "Cree is committed to protecting the investment of our current licensees, shareholders and customers by defending our rights in court when necessary and by licensing our patents when appropriate. With this settlement and license agreement, Cree has once again obtained value for our extensive IP portfolio."

Cree said it has developed a broad LED patent portfolio after many years of intensive R&D, with numerous patent applications pending. Major LED manufacturers make use of Cree's patented technology and have signed license agreements with Cree to secure these rights.