Metro Bank has settled a a legal claim with US software company Arkeyo over allegations that it leaked the company's coin counting technology to a rival firm.
Arkeyo has been pursuing Metro Bank for eight years for damages relating to the alleged theft of its intellectual property, having first filed a civil suit in the US in 2017.
The company claims that it created the software for Metro’s 'magic money machines' more than a decade ago before it was given to competitor Saggezza.
Metro’s coin-counting machines were designed for children to add up small change.
Arkeyo claimed that in 2016, Metro met with staff from Saggezza to “discuss how to duplicate the Arkeyo software to allow Metro to replace Arkeyo with Saggezza…as Metro’s software provider”.
Arkeyo alleged that Saggezza asked Metro to provide a touchscreen computer loaded with the Arkeyo software.
The settlement came ahead of a High Court hearing over the case in the UK.
Helix Law, the legal firm hired by Arkeyo to fight the case, was seeking £14.7 million in damages over the allegations.
Financial details related to the settlement have not been disclosed.