Big Law

Wells Fargo and USAA Will Settle Their $300M Patent Infringement Litigation

Wells Fargo has reached a settlement in a pair of lawsuits brought by the US Automobile Association (USAA) after two juries found the bank liable for patent infringement.

USAA filed two separate lawsuits against Wells Fargo at the US District Court for the Eastern District of Texas for infringing patents covering mobile deposit technologies.

In both cases, juries at the Texas court found Wells Fargo liable to have USAA’s IP, and the bank was found to be liable to pay a total of $300 million.

Documents filed at the court reveal that the bank and USAA have agreed to settle both cases, with the terms of the agreements undisclosed. The parties have asked the court to stay the case for 60 days so they can finalize the settlement.

Read the source article at World IP Review

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