Florida entrepreneurs may know that there are many different types of disputes that occur among businesses. One common issue of litigation is intellectual property. Generally, federal intellectual property law includes areas of copyright, patent and trademark laws. The principles are designed to encourage the development of information by granting property rights of innovative creations to the people. Ultimately, such laws protect inventions and creations from infringement. Recently, Cree, Inc., which is a leader in LED lighting, announced that Cree and SemiLEDs have agreed to end their patent infringement business dispute.
You may know that Cree makes energy-efficient, mercury-free LED lighting. Cree is a leading innovator of lighting-class LEDs, LED lighting and semiconductor products for radio-frequency and energy applications.
In the resolution to the patent dispute, SemiLEDs agreed to the entry of an injunction, which will disallow the importation and sale of the SemiLEDs products in question in the United States. The injunction will be in effect in early October. Furthermore, the company has made a payment to Cree for past damages.
Cree's chief intellectual property counsel made a statement about the resolution: "The resolution emphasizes the breadth and importance of Cree's patent portfolio and its determination to ensure that Cree's intellectual property rights are respected."
Parties in business litigation are capable of reaching an agreement that is satisfactory to all parties involved. In this particular patent case, the companies were able to resolve their issues over the right to unique products. This was probably achieved with the help of knowledgeable business attorneys.
Source: MarketWatch, "Cree and SemiLEDs End Patent Litigation," June 26, 2012