A federal jury has ruled in favour of Bank of America and S1 Corporation in a patent infringement lawsuit brought against the two companies by New York trade finance firm TradeCard.
The lawsuit was brought by TradeCard over the bank's use of S1's purchase-order processing system (Pops), an electronic tool that facilitates global trade letter of credit and open account transactions.
S1 initially developed the trade finance purchase order system in conjunction with BofA.
TradeCard was seeking damages in excess of $10 million and ultimately an injunction to force BofA and S1 to stop using or selling the technology.
In a statement BofA says the issues at trial were whether its use of the S1 system infringed upon a patent held by TradeCard, and the validity of that same patent. A jury in federal court in the Southern District of New York found that BoA and S1 were not infringing and that TradeCard's patent was invalid.
Dan Scanlan, director of trade product management, BofA, says: "This verdict means that Bank of America will continue to use Pops as an innovative solution to expedite the processing of documentation for international trade customers who do business around the world."