IBM, GlobalFoundries Settle Dueling Trade Secret, Contract Suits

International Business Machines Corp. and GlobalFoundries US Inc. settled dueling breach of contract and trade secret theft lawsuits, ending three-plus years of litigation over a microchip spinoff.

Details of the settlements remain confidential, according to a joint press release. The parties filed stipulations of dismissal and discontinuance in the respective lawsuits Thursday.

IBM sought $1.5 billion plus damages from GlobalFoundries in New York state court in 2021 over alleged misuse of funds after IBM sold it a plant and paid $1.5 billion to make high performance microchips for it. GlobalFoundaries fired back in 2023 with a suit alleging IBM licensed ...