Malibu Boats, LLC, and Nautique Boats announced today that they have reached a settlement in the patent infringement case brought by Malibu against Nautique before the U.S. District Court for the Eastern District of Tennessee.
Terms of the agreement were undisclosed, but the settlement includes both parties dropping their claims and counterclaims. As part of the settlement, Nautique has entered a license agreement related to certain Malibu’s patents, as well as making payment for past use of Malibu’s patent portfolio relating to wakesurfing technologies.
“We are pleased to conclude the litigation between our companies in a manner that respects Malibu’s patents,” said Jack Springer, CEO of Malibu. “As Malibu continues to innovate and to build its patent portfolio, it is gratifying for us to reach a settlement with Nautique that recognizes the value of our patents and helps us to determine if others are infringing Malibu’s IP.”
Nautique’s President and CEO Bill Yeargin stated, “Our team is happy to have this dispute behind us and look forward to building on Nautique’s award winning product and market share increases of the past few years.” “While we felt strongly about our position in this dispute we also know there is risk associated with the judicial process. We are satisfied with the settlement and look forward to growing our industry for everyone’s benefit,” Yeargin added.