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    Imation pays $53M to settle legal dispute with Philips

    By Dan Haugen | Published Fri, Jul 17 2009 9:38 am

    More legal news: Imation says it will pay $53 million to Philips Electronics to settle a "complex series" of legal disputes.

    The lawsuits involved cross-licensing and patent infringement issues related to recordable optical media (the technology behind products like recordable CDs and Blu-Ray discs).

    “We are pleased to settle this very costly and distracting litigation and to eliminate an ongoing risk for the Company," Imation CEO Frank Russomanno said in the company's statement.

    Imation releases its second-quarter results on Wednesday.

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