22 February 2018
Visit www.avoka.com

USAA and Mitek settle cheque imaging lawsuit

05 September 2014  |  5607 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  |  4639 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.nextgenbanking.co.ukvisit www.swift.com/your-needs/instant-payments

Top topics

Most viewed Most shared
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
10279 views comments | 15 tweets | 13 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8554 views comments | 13 tweets | 12 linkedin
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
8011 views comments | 13 tweets | 6 linkedin
BBVA-backed digital banking startup targets gig economy workersBBVA-backed digital banking startup target...
7285 views comments | 8 tweets | 12 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
7228 views 3 | 7 tweets | 1 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job