26 May 2015

USAA and Mitek settle cheque imaging lawsuit

05 September 2014  |  4227 views  |  0 cheque

Online army bank USAA and mobile cheque imaging outfit Mitek Systems have settled a lawsuit that has been running since 2012.

In March 2012 USAA filed suit claiming that Mitek stole its trade secrets and technology when developing its remote mobile deposit capture system. Mitek in turn pursued the bank for alleged patent infringement.

But after several days of negotiations, the two have now decided to settle the pending litigation and acknowledge that they each have distinct patent rights. No money will change hands and USAA will retain its license to use Mitek's Quick Strokes, Quick FX Pro, and Image Score software.

News of the settlement saw Mitek's share price soar 86 cents, or 36%, to $3.23 at yesterday's close.

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

19 July, 2012
11 April, 2012

Related company news

 

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
7312 views comments | 48 tweets | 31 linkedin
UK opts out of European online payments se...
6695 views comments | 21 tweets | 15 linkedin
MasterCard launches personal payments serv...
6289 views comments | 15 tweets | 30 linkedin
Bigger banks may have to set up their own...
5060 views comments | 35 tweets | 28 linkedin
Metro Bank to offer consumer loans via Zop...
4997 views comments | 29 tweets | 21 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job