A Plano, Texas, check-imaging technology provider has settled its federal patent infringement claims against U.S. Bancorp for undisclosed terms.
DataTreasury Corp. asked a federal judge on Friday to drop the case after reaching the settlement and a release and licensing deal with U.S. Bancorp, according to the Minneapolis/St. Paul Business Journal. The settlement still needs approval from Judge David Folsom, according to the Minneapolis/St. Paul Business Journal.
In March 2010, a jury in the U.S. District Court for the Eastern District of Texas awarded DataTreasury almost $27 million and found that the Minneapolis bank, Viewpointe LLC and The Clearing House Payments Co. LLC willfully infringed its technology. Folsom later increased this amount to $53.2 million to "more effectively punish the willful infringement," according to the Minneapolis/St. Paul Business Journal.
The patents cover a system for the remote-image capture and centralized processing, storage and retrieval of documents and other paper transaction data.
DataTreasury has filed a series of lawsuits, including one in March, against more than 70 banks, bank holding companies and other financial services firms over the past decade. Several financial companies including JPMorgan Chase & Co. and Zions Bancorp have signed licensing agreements with DataTreasury.