28 September 2016
Business Intelligence: A Tech Revolution for the Evolution in Compliance

USAA and Mitek settle cheque imaging lawsuit

05 September 2014  |  4932 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)

Finextra news in your inbox

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

Related stories

Mitek ups the ante in legal battle with USAA

Mitek ups the ante in legal battle with USAA

19 July 2012  |  4162 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreFind out moreFind out more

Who is commenting?

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
14148 views comments | 55 tweets | 48 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
8841 views comments | 33 tweets | 17 linkedin
Banks clubbing together to tackle KYCBanks clubbing together to tackle KYC
7699 views comments | 3 tweets | 8 linkedin
Brexit offers exciting opportunities for growthBrexit offers exciting opportunities for g...
7561 views comments | 4 tweets | 3 linkedin
FCA to kickstart sandbox with 24 applicantsFCA to kickstart sandbox with 24 applicant...
7228 views comments | 33 tweets | 15 linkedin

Featured job

Find your next job