19 April 2015

US Bank settles cheque imaging patent case

03 January 2012  |  6373 views  |  0 cheque

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

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

30 September, 2010
30 March, 2010

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
UK banks covering up cybercrime losses - C...
6691 views 13 comments | 26 tweets | 13 linkedin
BBVA buys UX firm Spring Studio
6454 views comments | 32 tweets | 17 linkedin
Card is king as cash usage continues to fa...
6116 views comments | 22 tweets | 14 linkedin
Digital and core renewal to drive bank IT...
4795 views comments | 32 tweets | 25 linkedin
World Bank reports big drop in numbers of...
4609 views 10 comments | 36 tweets | 13 linkedin

Featured job

Basic £90-110K OTE c. £200K AND NO CEILING
London based with substantial travel in the DACH Region

Find your next job