Shell Settles Over Magnetic-Strip Card Patent

Law360, New York (October 16, 2008, 12:00 AM EDT) -- Shell Oil Co. has agreed to settle a lawsuit with Florida-based patent-holding company Alexsam Inc. over two patents related to magnetic-strip card technology.

The companies filed the joint motion for settlement Wednesday in the U.S. District Court for the Eastern District of Texas, but details of the settlement have not been disclosed.

Alexsam originally filed the suit in January against Shell Oil, Pier 1 Imports Inc. and Metromedia Steakhouses Co. for allegedly violating two patents related to all-in-one card technology.

The lawsuit follows three other suits...
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