Samsung and Apple (AAPL) have agreed to drop all ongoing patent lawsuits outside the U.S. Samsung issued a statement that said, "...This agreement does not involve any licensing arrangements, and the companies are continuing to pursue the existing cases in U.S. courts." The two mobile tech giants have engaged in multiple legal battles against one another since 2011. The most recent patent claim was brought by Apple in the U.S. in March. Apple claimed that Samsung violated patents on certain smartphone features including the iPhone's "Slide to Unlock" capability. Samsung was ordered to pay apple $119.6 million - far less than the $2.2 billion Apple had originally demanded. In the same case the court ruled that Apple owed Samsung $158,400 for violating two of Samsung's patents. The case is still under appeal. TheStreet's Julie Cerullo reports.

More from Video

Outdoorsy Figured Out How to Make Money Off That Idle RV in Your Driveway

Outdoorsy Figured Out How to Make Money Off That Idle RV in Your Driveway

Jim Cramer: Aramark Is a Great Company but It's Levered to Baseball

Jim Cramer: Aramark Is a Great Company but It's Levered to Baseball

It's Not Over Yet: Keep an Eye on FANG Stocks

It's Not Over Yet: Keep an Eye on FANG Stocks

Jim Cramer on the Markets: 2:45pm Is a Make or Break Level

Jim Cramer on the Markets: 2:45pm Is a Make or Break Level

Video: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

Video: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries