Firms will resolve disputes through dialogue rather than court proceedings.
Samsung and LG have called off their patent lawsuits in favor of resolving disputes through dialogue as opposed to court proceedings.
Yonhap News said that Samsung and LG executives met at a hotel in Seoul to discuss their existing lawsuits. Samsung Display CEO Kim Ki-nam apparently told the agency that the firms will "resolve the issue one by one." LG Display CEO Han Sang-beom added that the executives will continue their discussions.
LG Display had previously sued Samsung Display in September due to allegedly violating seven patents related to organic light-emitting diode (OLED) technology. The claims referred to Samsung's Galaxy S3 and Galaxy Note.
During November 2012, Samsung responded by suing LG because its patents "lack innovation," stating that they should consequently be invalidated by Korea's intellectual property tribunal.
Preceding that was the situation surrounding 11 current and former Samsung Mobile employees being arrested on charges that they allegedly stole and leaked details to LG regarding the former's AMOLED TV, with six LG workers also said to have been involved in the incident.
Both firms have been charged by the Chinese government concerning issues related to allegedly fixing the prices of LCD panels.