Nokia will make some easy cash this quarter, nearly $80 million, thanks to the settlement of an antitrust lawsuit it filed against Seiko Epson, a Japanese printer and scanner manufacturer almost 2 years ago.
Straight from the horse’s mouth:
“In November 2009, Nokia filed lawsuits in the United States and United Kingdom against Epson and its subsidiary companies including Epson Imaging Devices Corporation alleging violations of antitrust and competition laws. Epson has denied liability and vigorously defended the lawsuits. Because of the ongoing impacts of the lawsuits on its business and the expense of continuing litigation, however, the company has determined that settlement of the litigation is in Epson’s best interests.
Epson will pay Nokia the sum of US$80 million in full settlement of Nokia’s claims, and Nokia will discontinue all related lawsuits filed against Epson and its global affiliates.”
Epson has denied any liability and has made no admission of guilt, related to the lawsuit, but has decided to settle as the cost of litigation is apparently much higher.
Nokia had filed lawsuits alleging LCD price fixing in the U.S. and the U.K. against multiple LCD manufacturers including Epson, LG, Samsung and Toshiba.
Considering that Epson has decided to settle, the other defendants may pursue the same course of action. Nokia may see more such windfalls in the coming year.
Here are the complete details of the original lawsuit by Nokia.