HSBC pays $5.5m to settle LML patent case

HSBC pays $5.5m to settle LML patent case

Banking giant HSBC has agreed to pay $5.5 million to settle a patent infringement case with payment processing outfit LML Payment Systems.

In settling the case, originally filed in Texas, HSBC has agreed a licensing deal for the vendor's electronic cheque conversion-related patents.

Patrick Gaines, CEO, LML, says: "We are extremely pleased to have settled our litigation with HSBC, and we welcome them as valued licensees."

LML has successfully gone after a number of companies for patent infringement, settling with Regions Bank, Fifth Third Bank and Marshall & Ilsley Bank last year.

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