The law suit was filed by LML in the US District Court for the Eastern District of Texas alleging that Deutsche infringed US Patent No. RE40,220.
Under the clauses of the agreement, Deutsche Bank has agreed to pay LML $450,000.
Terms of the Agreement provide Deutsche with a fully paid-up license to certain LML patents for electronic check conversion transactions including ‘ARC,’ ‘WEB,’ ‘POP,’ ‘TEL’ and ‘BOC".
LML Payment Systems provides financial payment processing solutions including credit card processing, online debit, electronic funds transfer, automated clearinghouse payment for e-commerce and traditional businesses in the US and Canada.
