22 October 2017
Find out more

RBS settles loan software copyright suit

21 August 2014  |  3962 views  |  0 RBS Bank branch sign

The Royal Bank of Scotland has reached a settlement that lets it use critical trade finance software from vendor Complex Systems that a US judge had banned it from over copyright infringement.

In May New York district judge Katherine Forrest told the bank to cease using the BankTrade software for new trade finance transactions within 60 days and completely within a year.

However, now RBS has reached a settlement with Complex Systems enabling it to carry on using the software. "Our clients remain our primary focus, and this settlement assures them of our continued commitment to our trade finance business," says an RBS statement given to Reuters.

The initial ruling came after a six year legal wrangle which began after RBS acquired Dutch banking giant ABN Amro in 2007. ABN Amro, through its US subsidiary LaSalle, licensed BankTrade - which is used for processing transactions such as letters of credit, loans, guarantees and fund transfers - from Complex systems.

However, ABN Amro sold LaSalle to Bank of America in a bid to scupper RBS's takeover. RBS then failed to transfer the BankTrade license yet continued to use the software.

In her ruling, Forrest had said RBS could "not continue benefiting from its blatant and ongoing infringement simply because stopping that infringement will be disruptive to its business".

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 orders RBS to stop using loan software

Judge orders RBS to stop using loan software

12 May 2014  |  5586 views  |  1 comments | 2 tweets | 2 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.innotribe.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
12752 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
11969 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9467 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
8888 views comments | 11 tweets | 22 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8496 views comments | 9 tweets | 18 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job