Apple Computer Inc. (AAPL) will pay $100 million for a license to use Creative Technology Ltd.'s (CREAF) patented technology in its iPod music player, settling their legal disputes, as reported by MSNBC.com.
Apple Chief Executive Steve Jobs said the agreement ends five lawsuits between the companies "and removes the uncertainty and distraction of prolonged litigation. Creative is very fortunate to have been granted this early patent," Jobs added. Creative, the world's second-largest maker of MP3 music players after Apple, sued Apple in May alleging the Cupertino, California-based computer maker had infringed a patent on its "Zen" player.
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