EMC, HP to settle all intellectual property litigation

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EMC Corporation and Hewlett-Packard (HP) this week announced that they have reached an agreement to dismiss all claims and counterclaims as part of a settlement of a longstanding patent disputes which the companies began against each other in 2001.

Details of the agreement include the payment by HP of a net $325 million balancing to EMC via any of the following means: the purchase for resale or internal use of complementary EMC products over the next five years. In addition, EMC and HP have also have signed a five-year patent cross-license agreement, according to an EMC release.