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Citi Exits Payment IP Suit With $7.5M Deal

Law360 (March 4, 2011, 6:08 PM EST) -- Citigroup Inc. will pay $7.5 million to settle allegations in Texas that it infringed a patent related to electronic payment systems, plaintiff LML Patent Corp. said Friday, a day after it announced a similar deal with HSBC Holdings PLC.

HSBC agreed to pay $5.5 million to exit the same litigation in the U.S. District Court for the Eastern District of Texas, where LML originally sued 19 defendants including Citigroup for patent infringement in 2008.

Several other defendants settled in the last three months of 2010, agreeing...
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