It once again emphasized that SK Innovation will not be able to accept LG’s request for an agreement regarding the ruling of the battery trade secret infringement lawsuit. It seems that the gap between the two companies has not yet narrowed ahead of the effect of the US International Trade Commission (ITC) lawsuit ruling earlier next month.
At the 14th regular shareholders’ meeting held on the morning of the 26th, SK Innovation’s director Lee Myung-young said, “It has no meaning to continue the battery business in the United States or that the demands of competitors at a level that significantly lowers business competitiveness are unacceptable.” said.
“Although ITC admits that it is not clear what trade secrets are, it is very much about citing the dubious arguments of competitors without judging the facts of the infringement of trade secrets, which is the essence of the case because of the lack of document management. “I’m sorry I’m thinking.”
Director Lee said, “Our battery has been recognized for its differentiated competitiveness from customers in terms of stability and quality, such as no fire accidents,” and said, “We hope that we will do our best to enhance shareholder and corporate value in the legal process that remains in the future. I promise you,” he added.
SK Innovation and LG Energy Solutions are showing a difference over the settlement money after the ITC issued a ruling on the lawsuit for infringement of trade secrets on the 10th of last month (hereafter local time). According to the industry, it is reported that SK Innovation offered less than 500 billion won and LG Energy Solutions offered 3 trillion won in settlement.
SK Innovation’s board of directors pointed out that LG’s request is’in fact, it does not mean to continue the battery business in the US, or that it is a requirement that significantly lowers its competitiveness. On the other hand, LG countered the proposed settlement amount by saying that it was “proposed based on the US Federal Trade Secret Protection Act, which is a global standard.”
The differences in positions between the two companies are also markedly mixed on the alleged infringement of battery trade secrets, the essence of the lawsuit. LG’s position is that SK has infringed 22 trade secrets in 11 areas based on the ITC ruling. SK is maintaining the position that it has been banned from imports without even arguing about the infringement of trade secrets due to the deletion of documents in the ITC lawsuit.
The greetings from the shareholders’ meeting on this day were announced by director Lee Myung-young, who served as the chairman of the shareholders’ meeting on behalf of general president Kim Joon (CEO). According to SK Innovation, Joon Kim is currently on a business trip to the United States. It is observed that until the 12th of the following month when the ruling takes effect, President Biden has tried to persuade government officials to get his veto.
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Kim Jong-hoon, chairman of SK Innovation’s board of directors, from the Ministry of Foreign Affairs, is also visiting the United States to meet government officials and urge the president to exercise his veto.
The company is also assessed that it has made a last-minute turnaround, including the recent recruitment of former U.S. Deputy Minister of Justice Sally Yates as an advisor to the U.S. business.