This just hit the wires today...
U.S. Bank prepares for trial in key check-processing case
By Brad Allen | Published Wed, Feb 24 2010 10:33 am
Minneapolis-based U.S. Bank is readying its defense in an important patent-infringement lawsuit that will be closely watched in the banking industry.
The stakes include not only huge monetary damage claims but also control of the lucrative check-processing business that has transformed the way banks clear customer checks.
The case has been working its way through the courts for nearly a decade and several major banks have settled the dispute with Texas-based DataTreasury Corp. But nearly a dozen banks and check-clearing companies are fighting claims that total nearly $1.6 billion, including $200 million against U.S. Bank.
Jury selection is scheduled to get underway next week in a federal district court in Texas, and the case is likely to be a “bellwether” that could settle some of the legal question surrounding other cases, including claims against Wells Fargo and Bank of America, scheduled for separate trials later this year...
Read the full story at Minn Post