NEW YORK (TheStreet) -- Shares of Vringo Inc. (VRNG) are up 2.13% to $4.09 on Wednesday after the company announced it settled the U.S. and German IP suits brought against Tyco International  (TYC).

The company, which develops software for mobile phones, released a statement regarding the settlement but said terms are confidential.

Vringo sued Tyco in September 2013 over its security systems which the company said infringed on the remote monitoring and surveillance patent Vringo bought from Nokia Corp.  (NOK - Get Report) in 2012.

Must Read
: Warren Buffett's 10 Favorite Growth Stocks
 

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

VRNG Chart VRNG data by YCharts

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months.
 
Learn more.