Acacia Unit, BofA Settle 3rd-Party Credit Card IP Suit

Law360, New York (December 17, 2009, 2:23 PM EST) -- Bank of America Corp. has become the latest to reach a settlement with a unit of Acacia Research Corp. in a patent suit accusing more than a dozen credit card issuers of infringing a patent for “third-party credit cards.”

BofA and Acacia subsidiary Restricted Spending Solutions LLC filed a motion Tuesday asking the U.S. District Court for the Northern District of Illinois to dismiss the claims against the bank with prejudice.

The request for dismissal is based on a settlement agreement reached Nov. 30. The motion...
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