26 October 2016
Find out more

US Bank settles cheque imaging patent case

03 January 2012  |  7116 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)

Finextra news in your inbox

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

Related stories

Judge doubles US Bank cheque imaging patent infringement award

Judge doubles US Bank cheque imaging patent infringement award

30 September 2010  |  6396 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
Visit www.i2cinc.com Visit dh.com

Top topics

Most viewed Most shared
Visa treads on Swift's toes with blockchain pilot for high value paymentsVisa treads on Swift's toes with blockchai...
9081 views comments | 34 tweets | 38 linkedin
Monzo raises £4.8mMonzo raises £4.8m
8835 views comments
CBA and Wells Fargo combine blockchain and IoT to revolutionise trade financeCBA and Wells Fargo combine blockchain and...
8390 views comments | 26 tweets | 28 linkedin
Visa tells Europe to be ready for 3-D Secure 2.0 by April 2018Visa tells Europe to be ready for 3-D Secu...
8114 views comments | 12 tweets | 27 linkedin
Facebook Messenger adds PayPal support for bot paymentsFacebook Messenger adds PayPal support for...
7552 views comments | 27 tweets | 22 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job