U.S. Markets close in 2 hrs 10 mins

TSMC, GlobalFoundries settle patent disputes

FILE PHOTO: A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu

(Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (TSMC) <2330.TW> and smaller contract chipmaking rival GlobalFoundries Inc on Monday agreed to dismiss all patent litigations between themselves and those that involve their customers.

TSMC and GlobalFoundries will cross-license each other's patents as well as those patents that will be filed during the next ten years, the companies said in a joint statement.

U.S.-based GlobalFoundries sued TSMC in August and had listed Apple <AAPL.O>, Qualcomm Inc <QCOM.O>, Alphabet Inc's <GOOGL.O> Google, Nvidia Corp <NVDA.O>, Lenovo Group <0922.HK> and Taiwan's MediaTek Inc <2454.TW> among TSMC customers affected by the complaints.

TSMC, the world's largest contract chipmaker, counter-sued earlier this month saying the U.S. firm has infringed 25 of its patents.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Shailesh Kuber)