SANTA CLARA, Calif., Nov. 12 (UPI) -- U.S. chipmaker Intel agreed to pay Advanced Micro Devices $1.25 billion to settle anti-trust issues despite admitting no wrongdoing, the company said.
The out-of-court settlement includes a five-year agreement to cross-license each company's patents and comes in the midst of a flurry of antitrust concerns in Asia, Europe and the United States, The Wall Street Journal reported Thursday.
Among the allegations, ADM said Intel, which controls 80 percent of the microchip market for computers, used a variety of financial arrangements, such as rebates, to undermine AMD ability to compete.
ADM controls the lion's share of the remaining 20 percent of the market, the Journal said.
Intel Chief Executive Officer Paul Otellini said the settlement "is good for Intel and its shareholders," especially compared to court-controlled fines that could be three times as high.
AMD CEO Dirk Meyer said the settlement "changes the game."
Intel's troubles are not over, however. Last week, New York Attorney General Andrew Cuomo filed an antitrust suit against Intel, the Journal said.
