LML Agrees to Settle Litigation With Deutsche Bank
LML Patent Corp. a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (Nasdaq: LMLP), announced today that it has agreed to terms regarding entering into a Settlement and License Agreement with Deutsche Bank (NYSE: DB) Trust Company Americas with respect to litigation filed by LML in the U.S. District Court for the Eastern District of Texas alleging that Deutsche infringed U.S. Patent No. RE40,220.
The 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." Deutsche has agreed to pay LML $450,000 in connection with the Agreement.
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