Toyota has settled a patent-infringement dispute that had threatened U.S. imports of its newest hybrid vehicles, including the Prius.
The agreement with Paice, ending six years of litigation, was announced Monday as a hearing was to begin on a claim against Toyota before the International Trade Commission in Washington. Terms weren't disclosed and suits pending in Texas and at a U.S. appeals court will be dismissed.
Paice founder Alex Severinsky, a Soviet emigrant who began his career developing antitank-warfare instrumentation, had said his 1994 patented system for a high-voltage method to power gas-electric hybrid cars was used by Toyota without permission. Severinsky, 65, has sought royalties from the automaker.
"Finally people understand the merits of what I invented and give it the proper value," Severinsky said. "Toyota is the leading technology company and finally appreciates the value of the invention."