Both Apple and Samsung notified a district court yesterday in San Jose, California, that "they have agreed to drop and settle their remaining claims and counterclaims in this matter". However, the terms of the settlement were not disclosed.
"I truly hope that Apple Legal will be given the green light by Tim Cook to sue Android OEM's or Google themselves over the "Slide to Unlock" feature - because it was considered a "breakthrough" feature by Apple's executive team and Android shouldn't be able to copy it without effect".
Apple had been seeking more than one billion dollars (£760 million) in the latest trial while Samsung argued it should only pay 28 million dollars (£20 million).
The string of lawsuits between Apple and Samsung started in 2011.
Seven years after it began, Apple and Samsung have settled a high-stakes patent dispute that resulted in numerous appeals, and at one juncture, a trip to the U.S. Supreme Court.
In May, a US jury awarded Apple US$539 million (S$737 million), after Samsung had previously paid Apple US$399 million to compensate for patent infringement. Samsung was ordered to pay $1.05 billion in damages by jurors in 2012, which was reduced on appeal to $930 million. Apple ignited the smartphone revolution with iPhone and it is a fact that Samsung blatantly copied our design. Apple said that "this case has always been about more than money" and more about protecting their design which they care about deeply.
"We're grateful to the jury for their service and pleased they agree that Samsung should pay for copying our products", it added.
The South Korean tech giant hasn't sold the phones in question in more than five years.
"This settlement marks the official end of the 'smartphone patent wars, '" said Brian Love, an assistant professor at the Santa Clara University School of Law.
Samsung, however, claimed that the compensation should only take parts into consideration and not the entire smartphones.