USAA and Mitek settle cheque imaging lawsuit

USAA and Mitek settle cheque imaging lawsuit

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.

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