After several years of pending litigation, Ryn Korea Co. Ltd. has reached a settlement agreement with Masai Marketing & Trading AG and Masai USA Corp. over a patent investigation.
According to a motion filed with the U.S International Trade Commission in Washington D.C. on June 17, Masai has terminated its investigation into the patent at issue, produced by Ryn. The motion cited as reasoning, “the interest of the public and administrative economy in avoiding needless litigation and conserving public and private resources.”
Masai, parent company of MBT Physiological shoe brand, accused Ryn of infringing on its designs in a federal court filing in Manhattan last October. The U.S. patent was awarded to Masai in January 2002. Masai had also lodged a complaint with the U.S. International Trade Commission last November.
Although the settlement is confidential, a public version of the agreement said Masai would terminate its pending action before the U.S. International Trade Commission and New York Federal Court.
In addition, the motion said, the two companies should use “consultation and/or negotiation” to resolve any disputes arising from the Commission’s settlement. The only exception, it continued, would be any dispute unresolved for more than 60 days, which then must be settled by the International Chamber of Commerce Arbitration process in Singapore.