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IBM and GlobalFoundries have agreed to settle the lawsuit regarding breach of contract and trade secrets.
Chip manufacturer GlobalFoundries (GFS.US) and IBM (IBM.US) announced on Thursday that they have agreed to settle a lawsuit, in which GlobalFoundries was accused of breaching its contract with IBM, while IBM was accused of misusing GlobalFoundries' trade secrets. The two companies stated in a joint announcement that the terms of the settlement are confidential, and will allow them to "explore new cooperation opportunities." GlobalFoundries acquired IBM's semiconductor factory in 2015.