AmEx Settles Suit Over Secure Transaction Patent

Law360, New York (April 7, 2010, 2:55 PM EDT) -- American Express Co. has become the latest defendant to settle a lawsuit accusing more than a dozen banks and communications companies of infringing a patent related to secure credit card transactions.

The credit card company and plaintiff Joao Bock Transaction Systems of Texas LLC filed a joint motion Tuesday in the U.S. District Court for the Eastern District of Texas to dismiss the claims with prejudice.

The dismissal is based on a license and settlement agreement dated March 30, and each party will bear its own...
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