Lubrizol Gets $80 Million Payment In Exxon Patent Infringement Suit
WICKLIFFE, Ohio (AP) _ Lubrizol Corp. will receive an $80 million cash payment and $6 million in trade credits as part of the settlement of a patent infringement suit against an Exxon Corp. subsidiary, the firms said Monday.
The settlement was reached between Lubrizol, which makes petroleum additives, and Exxon Chemical Co. of Darien, Conn., according to a joint statment by the two companies.
Under the terms of the consent order, Exxon agreed not to market over 300 products that allegedly violated Lubrizol’s patents and not to market in the future any products covered by two unexpired Lubrizol patents.
Under the agreement, Exxon Chemical received a limited paid-up license for a replacement product it developed after a June court order barring it from selling the disputed lubricant additives.
The consent order ended the suit filed in Cleveland but did not affect other pending actions regarding the patents in other countries.