US chip company Micron settles IP lawsuit with Chinese firm

The US chip company Micron Technology Inc said it has settled an intellectual property theft lawsuit with Chinese company Fujian Jinhua Integrated Circuit Co.

Micron said in a statement that it has reached a global settlement agreement with the Chinese company.

"The two companies will each globally dismiss their complaints against the other party and end all lawsuits between them," a Micron spokeswoman said.