10/08/10 - LML Settles Litigation With the Bank of New York Mellon and First National Bank of Omaha
VANCOUVER, British Columbia, Oct. 8, 2010 (GLOBE NEWSWIRE) -- LML Patent Corp. ("LML"), a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (the "Corporation") (Nasdaq:LMLP - News) announced today that it has received total payment in the amount of $5,150,000 and has entered into Settlement and License Agreements (the "Agreements") with each of The Bank of New York Mellon ("BNYM") and First National Bank of Omaha and First National Merchant Solutions, LLC (collectively, "First National") with respect to litigation filed by LML in the U.S. District Court for the Eastern District of Texas alleging that each of BNYM and First National infringed U.S. Patent No. RE40,220.
The Agreements provide each of BNYM and First National with a fully paid-up license to certain LML patents for electronic check conversion transactions including "ARC," "WEB," "POP," "TEL" and "BOC."
"We are extremely pleased to have settled our litigation with both BNYM and First National and we welcome them as valued licensees," said Patrick H. Gaines, chief executive officer.
About LML Payment Systems Inc. (www.lmlpayment.com)
LML Payment Systems Inc., through its Canadian subsidiary Beanstream Internet Commerce Inc., and its U.S. subsidiaries Beanstream Internet Commerce Corp and LML Payment Systems Corp., is a leading provider of financial payment processing solutions for e-commerce and traditional businesses. We provide credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement. Our intellectual property estate, owned by subsidiary LML Patent Corp., includes U.S. Patent No. RE40,220, No. 6,354,491, No. 6,283,366, No. 6,164,528, and No. 5,484,988 all of which relate to electronic check processing methods and systems. |
