PNC settles Katz patent lawsuit

Source: Ronald A Katz Technology Licensing

The PNC Financial Services Group, (Nyse:PNC) headquartered in Pittsburgh, and Ronald A. Katz Technology Licensing, headquartered in Los Angeles, announced today the settlement of patent litigation between the parties and that, as part of the settlement, PNC has agreed to pay an undisclosed sum for a nonexclusive license under a comprehensive portfolio of patents that Katz owns relating to interactive voice applications.

The license covers services offered by The PNC Financial Services Group, in the "Financial Services Call Processing" and "Automated Securities Transactions" fields of use. These services, including customer service provided to consumer and business accounts, are delivered through automated systems as well as the combination of automated systems and live agents. Other terms of the license were not disclosed.

The patents held by Ronald A. Katz Technology Licensing, cover a wide range of interactive technology including automated forms of: customer service, securities trading, prescription refill services, merchandising, prepaid services, telephone conferences, registration, home shopping, as well as functions involved in securing information from databases by telephone, interactive cable transactions, and various other uses of toll free and local numbers.

Ronald A. Katz, Chief Executive of Ronald A. Katz Technology Licensing, stated, "We are pleased to welcome The PNC Financial Services Group, to the significant list of financial services companies who have purchased license rights under this portfolio."

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