By Blake Brittain
(Reuters) -GlobalFoundries and IBM (NYSE: ) said Thursday they settled two lawsuits accusing GlobalFoundries (NASDAQ: ) of breaching contracts with IBM and the computer giant allegedly misappropriating the chipmaker’s trade secrets.
The companies said in a joint statement that the terms of the settlement are confidential and will allow them to “explore new opportunities for cooperation.”
GlobalFoundries bought IBM’s semiconductor factories in 2015. In 2021, IBM sued the Malta, New York-based company in New York state court for allegedly breaching a $1.5 billion contract to manufacture high-performance chips for IBM.
GlobalFoundries, which is majority-owned by Abu Dhabi’s Mubadala sovereign wealth fund, separately sued Armonk, New York-based IBM, in New York federal court in 2023 for allegedly misappropriating its chipmaking trade secrets and sharing them with Intel ( NASDAQ:) and the Japanese consortium Rapidus during the partnership with the two companies.
An Intel spokesman declined to comment on the settlement. Rapidus spokespeople did not immediately respond to a request for comment.
The US Commerce Department awarded GlobalFoundries a $1.5 billion subsidy in November to expand semiconductor production in New York and Vermont.
