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Author Topic: PayPal $7.5 settlement with LML Payment Systems  (Read 240 times)
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elgato
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« on: March 16, 2011, 02:31:28 PM »
LML Payment Systems has settled litigation with PayPal and agreed terms of a Settlement and License Agreement to the tune of $7.5m. In 2008 LML complained that PayPal along with other institutions were infringing their patents for electronic cheque transactions.

Other companies recently settled with LML including Citigroup for another $7.5m and HSBC for $5.5m with the settlements based on each companies transaction volume. As a side note that indicates that PayPal is bigger then HSBC for electronic cheque payments.

Following the settlements Phase I trial in the Patent Litigation which was scheduled to commence March 21, 2011, has been cancelled. Phase II and Phase III trials remain set to commence on the 4th October 2011.

http://tamebay.com/2011/03/paypal-7-5-settlement-with-lml-payment-systems.html
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