LML Patent, a wholly-owned, indirect subsidiary of LML Payment Systems, has entered into settlement and license agreements with each of Regions Bank, Fifth Third Bank and Marshall & Ilsley Bank (M&I) with respect to cheque imaging patent litigation filed by LML in the US District Court for the Eastern District of Texas alleging that each of Regions, Fifth Third and M&I infringed US Patent No. RE40,220.
LML Patent has said that it has received total payment in the amount of $1.31m as the part of the settlement.
The agreements provide each of Regions, Fifth Third and M&I with a fully paid-up license to certain LML patents for electronic check conversion transactions including ARC, WEB, POP, TEL and BOC and have as their basis, each licensees’ transaction volume.
LML CEO Patrick Gaines that his firm is extremely pleased to have settled its litigation with Regions, Fifth Third and M&I, and LML welcome them as valued licensees.