PNC Bank Settles Suit Over Secure Transaction Patent

Law360, New York (June 8, 2010, 12:36 PM EDT) -- PNC Bank NA has become the latest defendant to settle a lawsuit brought by Joao Bock Transaction Systems of Texas LLC accusing more than a dozen banks and communications companies of infringing a patent related to secure credit card transactions.

The parties filed a joint motion Monday in the U.S. District Court for the Eastern District of Texas to dismiss the claims and counterclaims between them with prejudice.

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