ClearOne, Inc. (NASD: CLRO) (“ClearOne”) and Shure Incorporated (“Shure”) have jointly announced that they have reached a global settlement of all pending legal disputes. “In order to avoid the expense, burden, and uncertainty associated with litigation and to resolve their pending cases against one another, the companies entered into a confidential settlement agreement,” the announcement states.
The companies have agreed to file dismissals with prejudice in all pending cases to fully and finally resolve their disputes. Both parties have agreed to release the other party from all claims and to cross-license all patent rights involved with the cases, such that each party will be free to sell their products without restrictions going forward.
The companies have also agreed to cross-license certain additional patent rights and have made covenants not to sue. Certain terms of the agreement between the parties are conditional on court action and/or approval, which the parties will promptly seek. Neither company has admitted any wrongdoing or liability as a condition of settlement.
