PayPal Settles Payment IP Suit For $7.5M

Law360, New York (March 11, 2011, 7:17 PM EST) -- PayPal Inc. will settle for $7.5 million a payment processing company's allegations in Texas that it infringed a patent related to electronic payment systems, the plaintiff said Friday, a week after announcing similar deals with two major banks.

PayPal, HSBC Holdings PLC and Citigroup Inc. had been scheduled to go to trial March 8 on LML's claims in the U.S. District Court for the Eastern District of Texas, where LML Patent Corp. originally sued 19 defendants. Last week Citigroup agreed to pay $7.5 million and HSBC,...
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