- Associated Press - Thursday, February 18, 2016

PITTSBURGH (AP) - A Bermuda computer chip manufacturer has agreed to pay Carnegie Mellon University $750 million to settle a 7-year-old patent dispute with the school.

Marvell Technology Group and the university announced the settlement on Wednesday.

A federal jury ruled in 2012 that Marvell infringed on two university patents issued in 2001 and 2002 for accurately reading data from hard drives.

University President Subra Suresh says the university will receive about $250 million from the settlement. The rest will go to the inventors and cover the university’s legal fees. The settlement is a one-time payment and the company won’t owe future royalties.

Suresh says the university is pleased to honor the work of the two inventors.

A Marvell representative couldn’t be reached for comment.

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