LG, VW battery supplier reach $1.8 bn deal to avoid US import ban

SK Innovation has reached a $1.8 billion settlement with LG Energy Solution to avoid a 10-year import ban of batteries into US. LG had sued SK Innovation in 2019 for allegedly stealing trade secrets by poaching employees. In February, the USITC sided with LG, issuing a 10-year ban on SK Innovation-made batteries, which is supplied to Ford Motor and Volkswagen.