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HSBC Pays $5.5M To Exit Payment Processing IP Suit

Law360 (March 3, 2011, 4:27 PM EST) -- HSBC Holdings PLC will pay $5.5 million to settle allegations made in Texas by LML Patent Corp. that it infringed a patent related to electronic payment systems, LML said Thursday.

HSBC will become the latest company to settle the suit in the U.S. District Court for the Eastern District of Texas, where LML originally sued 19 defendants for patent infringement in 2008. Several others settled in the last three months of 2010, agreeing to pay LML nearly $6.5 million, according to a Feb. 14 regulatory filing....
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