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The bitter rivals notified US District Court Judge Lucy Koh of the truce in a notice filed on Wednesday.

The terms of the settlement were not disclosed.

Apple and Samsung have settled a longstanding dispute, which concerned allegations of copying of the iPhone design. In the period since the lawsuits started, the gap in market share between the two providers had narrowed, as Apple grows and Samsung's leading position reduces.

Apple and Samsung ended a seven-year legal battle that ignited a series of lawsuits over patents across the globe but mostly centred in courtrooms in the US.

The latest chapter in the saga was just last month when the jury of the retrial awarded $539M in damages to Apple, which Samsung immediately appealed.

As the settlement made headlines, Apple said in a statement, "We believe deeply in the value of design, and our teams work tirelessly to create innovative products that delight our customers". It was ordered to pay the U.S. tech giant more than $1 billion for infringing on three of Apple's design patents related to mobile devices - the quick links to phone numbers, the slide-to-unlock feature and the auto-correct function.

Apple has previously said that its goal in taking Samsung to court wasn't about money but rather about protecting its homegrown innovations.

In 2015, Samsung Electronics compensated Apple with $548 million, with design infringement accounting for $390 million of the amount.

As part of an earlier verdict, it was determined that Samsung infringed on three of Apple's iPhone design patents.

"We're grateful to the jury for their service and pleased they agree that Samsung should pay for copying our products", it added. They covered having a rectangular front face with rounded edges and a grid of colorful icons on a black screen.

Was the long fight worth it? But the case has had a lasting impact on USA patent law.

Even so, Carrier added that Samsung and Apple "likely realized that it was time to move on".