GT Advanced Technologies Seeks Approval of Apple Accord
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GT Advanced Technologies Inc., which produces synthetic sapphire crystals for mobile telephones, asked a U.S. bankruptcy judge to approve a settlement with Apple Inc. that might avoid “billions of dollars” in legal claims.
Under the accord, “Apple releases all claims” against GT Advanced, including liquidating damages that Apple said “would total in excess of $1 billion,” GT’s lawyer James Grogan wrote. GT Advanced “currently has budgeted $5.8 million per month” to pay for the potential litigation with Apple.