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Wednesday, July 06, 2005
(DigitalTransactions.net)
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In a move that could have widespread implications for the fledgling business of check-image exchange, a small, privately held company holding patents on key elements of check imaging and processing filed patent-infringement suits today against four major banks. The federal suit, filed by Melville, N.Y.-based DataTreasury Corp. against Bank of America Corp., Citigroup Inc., Wachovia Corp., and Wells Fargo & Co., follows by five days a settlement the company reached with J.P. Morgan Chase & Co. in a similar case. As part of the settlement, the big bank recognized the validity and enforceability of DataTreasury's patents and agreed to license its technology worldwide.
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