BofA, Merrill Settle TQP Data Encryption Patent Suit

Law360, New York (April 2, 2009, 12:00 AM EDT) -- Bank of America Corp. and Merrill Lynch & Co. Inc. have become the first companies to reach a settlement with TQP Development LLC in a lawsuit accusing nearly two dozen banks of infringing a patent related to an online encrypted data transmission method.

The parties on Thursday filed a joint stipulated motion for dismissal of all claims and counterclaims with prejudice in the U.S. District Court for the Eastern District of Texas, noting that they had signed a settlement agreement on March 27.

Under the settlement,...
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