Retailers Cut Deal With Acacia Over Fraud Patent

Law360, New York (August 6, 2009, 1:43 PM EDT) -- An Acacia Research Corp. subsidiary has settled with several major companies, including Chevron USA, Tiffany & Co., Avis Budget Group Inc., Bose Corp., Guitar Center Stores Inc. and Guess Inc., in ongoing litigation concerning a patent aimed at protecting consumers from financial fraud.

Acacia unit Financial Systems Innovation LLC announced the settlement Wednesday, allowing the group of defendants to exit lawsuits filed in the U.S. district courts for the Northern District of Texas and Northern District of Georgia.

The terms of the settlement were confidential....
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