Wednesday, September 29, 2010

"We Make Money the Old-Fashoined Way...."

Well, somehow or other...

A federal judge has ordered U.S. Bancorp to pay $53.2 million for infringing a patent held by Plano, Texas-based DataTreasury Corp.

They're not the only ones.

DataTreasury spokesman Eric Wetzel said Wells Fargo & Co., which has a sizable presence in Wisconsin, and dozens of other banks have settled for undisclosed amounts and agreed to license the technology since the first suits were filed in 2002.

"Bank of America and the other defendants set for trial in October need to take notice because this decision by the court could set potential damages in that case somewhere between $2 [billion] and 3 billion dollars," he said.

An appeal is planned.

HT: BizJournal

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