Samsung Electronics and OSRAM AG and have reached an agreement to settle all patent suits between them worldwide. The patent suits have been filed in various countries amongst others Germany, South Korea and in the United States of America. The parties will dismiss all suits as expeditiously as possible, with a settlement consequently expected to be finalized by the end of August, 2012. As part of the settlement, the parties have reached license agreements for their respective LED patent portfolios. The parties have also signed a separate memorandum of understanding to explore the possibilities of jointly developing future LED-based products.