RBS Citizens Bank has entered into a settlement and license agreement with respect to litigation filed by LML Patent in the US District Court for the Eastern District of Texas alleging that RBS infringed US Patent No. RE40220.
The agreement provides RBS with a license to LML’s patents for electronic check conversion transactions including ARC, WEB, POP, TEL and BOC’.
In connection with the agreement, RBS has agreed to pay LML compensation in the amount of $1.15m for releases, licenses, covenants and all other rights granted under the agreement.
Patrick Gaines, CEO of LML Payment Systems, said: “We are extremely pleased to have settled our litigation with RBS and we welcome them as valued licensees.”
LML Patent is a wholly-owned, indirect subsidiary of LML Payment Systems.
