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JPMorgan, Citi Settle In Check System False Marking Row

Law360, New York (July 13, 2011, 12:29 PM EDT) -- JPMorgan Chase & Co. and Citigroup Inc. on Tuesday became the latest defendants to settle with Main Hastings LLC in litigation in Texas alleging they used expired patents to market banking phone technology and check-clearing systems.

The confidential settlements, filed separately, allow both banking giants to continue using the technology.

Main Hastings, a frequent filer of qui tam actions, filed separate suits in January against JPMorgan, Citigroup, First Citizens BancShares Inc., HSBC USA Inc., Zions Bancorp, City National Corp. and PNC Bank NA.

Three suits separately targeted Citigroup, JPMorgan and First Citizens, claiming they falsely marked seven common patents: U.S. Patent...

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