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PNC Unit Settles TQP Data Encryption Patent Suit

Law360 (April 13, 2009, 12:00 AM EDT) -- A subsidiary of the PNC Financial Services Group Inc. has become the latest defendant to settle with TQP Development LLC in a lawsuit accusing nearly two dozen banks of infringing a patent related to an online encrypted data transmission method.

TQP and National City Bank agreed on Monday in the U.S. District Court for the Eastern District of Texas to dismiss all claims and counterclaims with prejudice.

The settlement follows on the heels of a similar deal with Bank of America Corp. and Merrill Lynch &...
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