LML Patent Corporation v. JP Morgan Chase & Co., et. al.
- March 16, 2011
On eve of LML trial PayPal settled for $7.5M. PayPal, HSBC Holdings and Citigroup, had been scheduled to go to trial March 8 on LML’s claims in the U.S. District Court for the Eastern District of Texas, where LML Patent Corp. originally sued 19 defendants. Last week Citigroup agreed to pay $7.5 million and HSBC, $5.5 million to settle the suit. According to a Feb. 14 regulatory filing, several other defendants settled for a total of $6.5 million in the last three months of 2010, including Bank of New York Mellon Corp., First National Bank of Omaha, Regions Bank, Fifth Third Bank NA and Marshall & Ilsley Bank.