LG Chem anticipates smooth resolution with SK Innovation

LG Chem is talking with SK Innovation to reach a settlement regarding a trade secret violation suit against the latter, and anticipates a resolution before October, the firm said Friday.

“We can settle the case through negotiations before the final decision in October, should the settlement be on a reasonable level based on objective facts,” said LG Chem during a quarterly conference call with investors.

The US International Trade Commission has made a default judgement in favor of LG Chem against SK Innovation in March, saying SK Innovation had intentionally tampered with evidence.

SK Innovation has asked for a review, and the ITC is expected to deliver a final decision in October.

If the ITC upholds its ruling in October, SK Innovation will have to halt imports of EV batteries, parts and manufacturing equipment to the US.

SK Innovation has been accused of stealing trade secrets about lithium-ion batteries for electric vehicles, in the process of recruiting former LG Chem employees since 2017.

“As we are talking with sincerity and due diligence, we expect to see a swift and smooth resolution,” the LG Chem official said.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)