Jan 2 - 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.