LONDON – South Korean rivals Samsung Electronics Co. Ltd. and LG Electronics Inc. said on Tuesday they have agreed to call off all their legal disputes.
The two companies said in a joint statement said they would withdraw all complaints against each other and ask legal authorities to refrain from meting out harsh punishments in ongoing cases.
The announcement comes more than a month after LG appliances Chief Jo Seong-jin was indicted by Seoul prosecutors on a charge of deliberately damaging Samsung washing machines at a retail store in Germany.
The statement said that the agreement included a bitter months-long conflict over a set of damaged washing machines in September 2014.
The statement did not however say what penalty prosecutors would seek against Jo.
The two companies have attracted public mockery as they bickered over issues such as how many washers were damaged by Jo and other employees.
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The case adds to a history of clashes between the firms, including an argument over refrigerator capacity and which of the two has the bigger air-conditioning market share.
“Both sides have agreed to avoid legal action and solve any future conflicts or disputes through dialogue and mutual agreement,” the companies said.
The agreement extends to Samsung Electronics subsidiary Samsung Display and to LG Display Co Ltd. (Reuters/NAN)