US Bank has settled a patent infringement lawsuit relating to cheque processing technology with DataTreasury.
Since 2002, DataTreasury has taken numerous organisations to court, arguing that the US banking industry has "deliberately and systematically infringed" its patents for image capture, centralised processing and electronic storage of document and cheque information.
In March 2010 a jury awarded the firm $26.6 million in damages after finding that US Bank and Viewpointe - a technology firm owned by US Bank and other financial institutions - wilfully infringed the company's two cheque-imaging patents. Later that year a federal judge doubled the damages to around $54 million.
According to the Minneapolis Business Journal, DataTreasury has now asked for the case to be dismissed after the two parties finally reached a settlement and agreed a licensing deal. Terms have not been disclosed and the deal still needs to be approved by the judge.
US Bank settles check-imaging patent dispute - Minneapolis Business Journal
CompetitiveNew York City, NY (USA)
© Finextra Research 2014