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21 December 2016

Cree and Feit settle patent dispute and reach license agreement

LED chip, lamp and lighting fixture maker Cree Inc of Durham, NC, USA says that it has reached a confidential settlement in its patent infringement and false advertising lawsuit with lighting company Feit Electric Company Inc of Pico Rivera, CA, USA.

The settlement ends US International Trade Commission (ITC) investigation number 337-TA-947 ('Certain Light-Emitting Diode Products and Components Thereof') against Feit and its Asian supplier Unity Opto Technology Co Ltd as well as ending the corresponding lawsuit in the US District Court for the Western District of Wisconsin. The agreement also ends Feit's claims against Cree in litigation filed in the US District Court for the Middle District of North Carolina.

As part of the settlement, Feit and Cree have entered into a royalty-bearing license agreement to the Cree patents asserted in the ITC case and in Wisconsin. Feit will pay Cree a license issue fee and ongoing royalties as part of the license agreement, and Cree will receive a license to the Feit filament panel patents.

"Cree has invested over $1.2bn in R&D over the past 10 years to create fundamental technology that has enabled the LED lighting revolution, and it is our obligation to protect our intellectual property," says chairman & CEO Chuck Swoboda. "This settlement and license agreement recognizes the value of our pioneering technology and ensures we are properly compensated while protecting consumers and Cree shareholders."

Cree says that its licensing program, which includes more than 20 licensing partners, allows other companies to use its proprietary technology, and supports these organizations' pursuit of new markets and products.
As a result of the settlement, for its fiscal second-quarter 2017 (ending 25 December 2016) Cree now expects to exceed its revenue, net income and earnings per share (EPS) targets (announced on 18 October). Cree will report its fiscal second-quarter results and third-quarter business outlook on 24 January.

See related items:

Feit to challenge ITC's initial determination in Cree patent infringement case

Cree receives favorable initial determination in ITC case against Feit and Unity

Cree files patent infringement counterclaims in US against Feit Electric

Feit Electric files LED patent infringement lawsuit against Cree

ITC opens investigation into infringement of Cree LED lighting patents

Cree files US lawsuits against Feit and Unity Opto alleging infringement of ten LED lighting patents

Tags: Cree LED light bulbs

Visit: www.feit.com

Visit: www.cree.com/About-Cree/Licensing/Licensees

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