SK Innovation Co. agreed to pay 2 trillion won (US$1.8 billion) to LG Energy Solution, a unit of LG Chem Ltd., according to a statement from the two companies. SK and LG also agreed to withdraw all lawsuits lodged in South Korea and overseas, according to the statement. Biden was facing an April 11 deadline to decide whether to overturn the import ban or do nothing and let it take effect. SK Innovation denied receiving or using any confidential information from the LG Energy employees it hired. The case is In the Matter of Certain Lithium Ion Batteries, Battery Cells, Battery Modules, Battery Packs, Components Thereof and Processes Therefor, 337-1159, US International Trade.

Source: The Star April 11, 2021 08:23 UTC