30 Million LMLP settles with Fargo
LMLP just settled with Wells Fargo on patent infringement. Based on LMLP prior settlements with other banks, the settlement should be about $30 million.
JOINT NOTICE OF SETTLEMENT AND MOTION TO STAY
LML Patent Corp., Wells Fargo Bank, N.A., and Wachovia Bank n/k/a Wells Fargo
Bank, N.A. jointly and respectfully notify the Court that the parties, as a result of the Court ordered mediation, have reached an agreement to settle this case subject to the drafting andc executing of a written settlement and license agreement acceptable to both parties.
In nearly every LML settlement news release it states they used the defendants ACH volume as their basis. Here are the 2010 volumes of the top 25 ACH processors. Citigroup settled for $7.5 MM and Wells Fargo has 4 times more ACU transactions.
Largest Financial Institution Originators of Automated Clearing House Payments, Year 2010*
Rank Company ****** Totals
1 J.P. Morgan Chase & Co 3,174,064,104
2 Wells Fargo & Company 3,028,937,735
3 Bank of America Corporation 1,934,229,757
4 Citigroup, Inc. 787,561,212
