Toyota, Matsushita Settle Patent Dispute

Toyota Motor Corp., Matsushita Electric Industrial Co. and their joint venture that makes batteries for gasoline-electric cars agreed to pay $30 million to license technology from Energy Conversion Devices Inc., which sued the Japanese companies in 2001 in a patent dispute.

Toyota, Matsushita and their Panasonic EV Energy Co. venture will pay $20 million in fees for nickel metal hydride batteries used in vehicles, Energy Conversion said in a filing with the Securities and Exchange Commission.

Matsushita and Panasonic EV also will pay $10 million related to consumer battery applications.

Shares of Rochester Hills, Mich.-based Energy Conversion dropped 9 cents to $10.81 on Nasdaq.