Research ultrasound technology developer Verasonics said it has reached a settlement agreement in its intellectual property dispute with Korean ultrasound firm Alpinion Medical Systems.
The settlement is related to the final award issued to Verasonics from a binding arbitration recently in the state of Washington. An arbitrator had included compensatory damages, attorney's fees, arbitration fees, and other expenses owed by Alpinion in the final award. Alpinion was also found to have breached both nondisclosure and lease agreements with Verasonics, in addition to misappropriating Verasonics' trade secrets, according to Verasonics.
The arbitrator had also entered a worldwide injunction that prohibits Alpinion from marketing or selling its E-Cube 12R research ultrasound system, as well as any research ultrasound system derived from or based on Verasonics' trade secret information and/or confidential information supplied under the nondisclosure agreements and/or lease agreement. Verasonics said that Alpinion is also enjoined from using Verasonics' trade secret information and/or confidential information supplied under those agreements. Both injunctions are effective for five years.
Terms of the settlement agreement were not disclosed.
