DuPont, Kolon Industries Settle Trade Secret Litigation

(RTTNews) - Chemicals giant EI DuPont De Nemours & Co. (DD) or DuPont announced that it has entered into a settlement agreement with Kolon Industries that resolves all outstanding litigation between the two companies.

DuPont had filed a civil lawsuit against Kolon in 2009 for misappropriation of trade secrets and confidential information regarding DuPont Kevlar technology.

The financial terms of the settlement include up-front and ongoing payments to DuPont. Further terms and conditions of the settlement are confidential.

Separately, Kolon also announced that it has entered into a Plea Agreement with the U.S. Department of Justice resolving all charges against Kolon arising from the United States Government investigation of conversion of trade secrets by certain Kolon entities and employees. Kolon pled guilty to a single count of Conspiracy to Convert Trade Secrets related to its para-aramid fiber products. Under the Plea Agreement and Restitution Order, Kolon is ordered to pay restitution to DuPont totaling $275 million.