Spansion Inc. (NYSE:CODE) has reached a settlement with Samsung Electronics Co. over its patent litigation and disputes.Spansion will receive $150 million throughout five years from Samsung under the settlement. The companies agreed to a seven-year, cross-licensing of each other’s products. Samsung's bankruptcy claims will also be picked up by Spansion for $30 million. If approved by the bankruptcy court, purchasing the bankruptcy claims will allow Spansion to retire 1.65 million to 1.85 million shares.The litigation was launched against Samsung in 2008 by Spansion. The litigation was looking to block imports of Apple Inc.'s (NASDAQ:AAPL) iPods, and Research In Motion Ltd.'s (NASDAQ:RIMM) BlackBerrys that contained Samsung chips. At the time, the company named Samsung and several companies whose devices used the chips.Spansion said it filed three separate patent-infringement complaints against Samsung in August relating to its flash-memory products.The Advanced Micro Devices Inc. (NYSE:AMD) spinoff company Spansion holds flash-memory-related patents dating back to the 1990s. The company filed bankruptcy protection in early 2009 when it was $1.5 billion in debt. Spansion came out of bankruptcy in May 2010, and shares closed Friday at $17.92 and were inactive in Monday's premarket.