July 15, 2009 - MagSil Corporation announced yesterday that it and the Massachusetts Institute of Technology (MIT) had settled their patent infringement suit against Seagate Technology and Maxtor Corporation. Several other defendants in the lawsuit, including Hitachi Ltd., Samsung Electronics Co., Ltd., Toshiba America, Inc. and others remain in litigation with MagSil and MIT.
The two patents-in-suit, which are owned by MIT and exclusively licensed to MagSil, are related to Tunneling Magnetoresistive (TMR) technology.
"We are pleased with the settlement and we look forward to a favorable resolution of our claims against the remaining defendants," said Jay Kamdar, President & CEO of MagSil Corporation, in the company's statement. "MagSil has developed breakthrough magnetic memory technology for the next generation of mobile consumer, computing and storage systems. Our intellectual property is important to our business and product commercialization."