United Microelectronics Corporation (NYSE:UMC), Micron Technology, Inc. (NASDAQ:MU) – UMC To Make One-Time Undisclosed Payment To Settle With Micron

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UMC To Make One-Time Undisclosed Payment To Settle With Micron

Taiwan’s United Microelectronics Corp (NYSE: UMC) and U.S. chipmaker Micron Technology Inc (NASDAQ: MU) have entered a settlement agreement. UMC will make an undisclosed one-time payment to Micron and resolve all competing claims between them.

  • The parties also look forward to engaging in mutual business cooperation opportunities.
  • The case involved alleged illegal transfer of Micron’s memory designs in a chip manufacturing deal between UMC and Jinjiang-based Fujian Jinhua Integrated Circuit Co, Bloomberg reports.
  • In 2020, UMC pleaded guilty in a deal with U.S. prosecutors, who agreed to drop economic espionage and conspiracy charges. 
  • UMC instead admitted to trade-secret theft and agreed to pay a $60 million fine.
  • Following the move, Micron said it would continue to seek “full restitution” from UMC in a separate civil lawsuit. 
  • Price Action: MU shares traded lower by 3.61% at $83.12 on the last check Friday.

source

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