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International Rectifier And Efficient Power Conversion Corporation Reach Settlement And Royalty Agreement

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INTERNATIONAL RECTIFIER CORP /DE/ | Efficient Power Conversion Corporation | EL SEGUNDO, Calif -(BUSINESS WIRE)-June 25, 2013-International Rectifier Corporation

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Title: International Rectifier and Efficient Power Conversion Corporation Reach Settlement and Royalty Agreement
Date: 6/25/2013
Industry: Semiconductors     Sector: Technology

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Exhibit 99.1

 

International Rectifier and Efficient Power Conversion Corporation Reach Settlement and Royalty Agreement

 

Agreement Ends Litigation Between Companies

 

EL SEGUNDO, Calif. —(BUSINESS WIRE)—June 25, 2013—International Rectifier Corporation (“IR”) (NYSE:IRF) today announced that it has entered into a settlement agreement with Efficient Power Conversion Corporation (“EPCC”) that will result in the payment of royalties to IR on the sale of Gallium Nitride (GaN) on Silicon based power devices from 2015-2023, subject to an offset in certain cases.

 

The settlement agreement resolves all disputes between EPCC and certain of EPCC’s principals, including Alex Lidow, and IR without judicial determination of the merits of any party’s claims or defenses. Other terms of the agreement are confidential.

 

IR brought suit against EPCC, Alex Lidow and others in 2009 for misappropriation of trade secrets associated with its GaN on Silicon program. Alex Lidow had also sued IR for wrongful termination as the company’s CEO. When the settlement occurred, the matter was awaiting trial in the Los Angeles Superior Court.

 

“We believe this resolution is positive for IR and will allow the company to put this dispute behin


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