LML Payment (LMLP) Enters Settlement with JPMorgan Chase Over Patent Litigation
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LML Patent Corp., a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (Nasdaq: LMLP), has agreed to terms regarding entering into a Settlement and License Agreement (the "Agreement") with JP Morgan Chase Bank, NA. ("JP Morgan"), the last remaining defendant in the litigation filed in November 2008 by LML in the U.S. District Court for the Eastern District of Texas alleging infringement of U.S. Patent No. RE40,220.
The terms of the Agreement include providing JP Morgan with a fully paid-up license to certain LML patents for electronic check conversion transactions including "ARC", "WEB", "POP", "TEL" and "BOC". JP Morgan has agreed to pay LML $4,500,000 in connection with the Agreement.
The terms of the Agreement include providing JP Morgan with a fully paid-up license to certain LML patents for electronic check conversion transactions including "ARC", "WEB", "POP", "TEL" and "BOC". JP Morgan has agreed to pay LML $4,500,000 in connection with the Agreement.
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