- LG Chem filed its trade complaints against SK Innovation last year in the United States over allegations of trade secret theft
- An adverse ruling by the ITC could lead to the import ban of SK Innovation’s batteries and necessary components
As per a report by Reuters, The United States International Trade Commission (ITC) has delayed a decision in a trade secrets case involving South Korean battery makers LG Chem and SK Innovation to 10th December. The report added that LG Chem filed its trade complaints against SK Innovation last year in the United States over allegations of trade secret theft. It seeked to block SK from producing battery cells in the United States and importing the components necessary to make the cells. SK had denied wrongdoing said the report.
Longer litigation process
The ITC decision was initially planned for early October. The report added that an adverse ruling by the ITC could lead to the import ban of SK Innovation’s batteries and necessary components. SK Innovation said in a statement that it is clear that this delay has resulted in a longer litigation process. It hopes that the two firms could make a wise decision to wash off uncertainties caused by prolonged litigation by ending this dispute promptly and to focus on businesses.
The report added that Bert C. Reiser, counsel to LG Chem, said the company remains extremely confident that the commission will hold SK Innovation responsible for their theft and issue appropriate remedies to make LG Chem whole. The report said that analysts said that the ITC’s decision to delay its final determination is adding uncertainties for LG Chem. It is giving SK Innovation more time to review the lawsuit after the ITC initially ruled in favour of LG Chem in February.
