Banking giant HSBC has agreed to pay $5.5 million to settle a patent infringement case with payment processing outfit LML Payment Systems.
In settling the case, originally filed in Texas, HSBC has agreed a licensing deal for the vendor's electronic cheque conversion-related patents.
Patrick Gaines, CEO, LML, says: "We are extremely pleased to have settled our litigation with HSBC, and we welcome them as valued licensees."
LML has successfully gone after a number of companies for patent infringement, settling with Regions Bank, Fifth Third Bank and Marshall & Ilsley Bank last year.