TeraRecon Inc. announced that Fovia and certain persons now or previously associated with it agreed to pay undisclosed but significant sums, including royalty payments relating to past activities and royalties on future activities to TeraRecon, to settle a lawsuit pertaining to 3D imaging technology filed by TeraRecon against Fovia and certain employees including Ken Fineman and George Buyanovsky, in October of 2005.
TeraRecon alleged in their suit that Fovia had developed their business with certain misappropriated trade secrets including business plans and computer source code.
The settlement also requires Fovia to take a license for certain intellectual property
belonging to TeraRecon, and Fovia promises not to assert any claims against TeraRecon regarding certain intellectual property.
“We are pleased that the parties have been able to resolve this dispute in a way that demonstrates TeraRecon’s commitment to defending its rights under trade secret and other laws, and thereby protecting the investment of its shareholders and employees,” said Motoaki Saito, MD, TeraRecon CEO.