GlobalFoundries ( GFS ) and IBM ( IBM ) said on Thursday that they have settled dueling lawsuits claiming that GlobalFoundries ( GFS ) breached a contract with IBM ( IBM ) and that the computer giant misused the chipmaker's trade secrets. 

The companies said in a joint statement that the terms of the settlement were confidential and would allow them to "explore new opportunities for collaboration."

GlobalFoundries ( GFS ) bought IBM's ( IBM ) semiconductor plants in 2015. IBM ( IBM ) sued the Malta, N.Y.-based company in New York state court in 2021 for allegedly breaking a $1.5 billion contract to make high-performance chips for IBM ( IBM ).

GlobalFoundries ( GFS ), which is majority owned by Abu Dhabi's sovereign wealth fund Mubadala, separately sued Armonk, N.Y.-based IBM ( IBM ) in New York federal court in 2023 for allegedly misappropriating its chipmaking trade secrets and sharing them with Intel ( INTC ) and Japanese consortium Rapidus during partnerships with the two companies.

Spokespeople for Intel ( INTC ) and Rapidus did not immediately respond to requests for comment on the settlement.

The U.S. Commerce Department awarded GlobalFoundries ( GFS ) $1.5 billion in November to expand its semiconductor production in New York and Vermont.