Toshiba, Micron settles patents dispute

Toshiba has settled an intellectual property dispute over memory chips with US semiconductor maker Micron Technology, an Associated Press report said.

The report said Japan's Toshiba had been embroiled in a prolonged legal battle over trade secrets for flash memory chips with Lexar Media, which was acquired by Micron earlier this year.

Lexar demanded that Toshiba halt the import of flash memory chips, an electronic component used in digital gadgets, which the American company claimed infringed on its intellectual property rights, the report said.

Toshiba would purchase some of Micron's semiconductor technology patents and also license patents previously owned by Lexar for $288 million, according to a joint statement.

The settlement comes after Lexar filed a complaint with the International Trade Commission earlier this year seeking an exclusionary order to prohibit Toshiba from importing the disputed products into the US.

In March, a US district court jury found that Toshiba had misappropriated patents from Lexar, prompting Toshiba to appeal the case, the report said.