Micron Settles IP Theft Lawsuit With Chinese Firm Amid Push to Repair Beijing Ties

(Bloomberg) — Micron Technology Inc. has settled a high-profile intellectual property theft lawsuit with a key, state-backed Chinese rival amid the U.S. company’s efforts to mend ties with Beijing.

Micron said it has reached a global settlement agreement with Fujian Jinhua Integrated Circuit Co. Ltd. “The two companies will each globally dismiss their complaints against the other party and end all lawsuits between them,” a Micron spokeswoman said in an email, declining to provide further details.