P.M. BRIEFING : Corning, Sumitomo Settle Suit
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CORNING, N.Y. — Corning Inc. will receive $25 million from Sumitomo Electric Industries Ltd. as part of an out-of-court settlement of a 1984 patent infringement lawsuit, the companies announced today.
Corning sued Sumitomo five years ago, alleging that the Japanese company had violated its patents for optical waveguide fibers, thin hair-like strands of glass that are used for telephone, video and data transmissions.
The U.S. District Court for the Southern District of New York agreed with Corning that Sumitomo had infringed on Corning’s patents when it began manufacturing its own fibers.
The court was in the process of determining damages when the settlement was announced.
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