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LMLP – LML Agrees to Settle Litigation With JP Morgan Chase

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LML Patent Corp., a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (Nasdaq:LMLP), announced today that it has agreed to terms regarding entering into a Settlement and License Agreement with JP Morgan Chase Bank, NA. the last remaining defendant in the litigation filed in November 2008 by LML in the U.S. District Court for the Eastern District of Texas alleging infringement of U.S. Patent No. RE40,220.

Patrick H. Gaines, LML’s Chief Executive Officer, commented, “When faced with the uncertainty surrounding the length of a stay or whether any future stays would have been granted, along with the uncertainty of the ultimate outcome of the litigation as well as the cost and expense that we would have incurred in continuing to prosecute the litigation, we felt that it was in the best interests of LML and its shareholders for us to agree to this settlement amount, which had been proposed and strongly recommended by a court-appointed mediator. As we wind down our prosecution of the patent litigation, we note that we have obtained in excess of $45 million in settlements from the defendants in the patent litigation, which we believe has and will continue to help us greatly as we continue to focus on building our core business.”

LML Payment Systems Inc., through its Canadian subsidiary Beanstream Internet Commerce Inc., and its U.S. subsidiaries Beanstream Internet Commerce Corp and LML Payment Systems Corp., is a leading provider of financial payment processing solutions for e-commerce and traditional businesses. We provide credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement.


LML Payment Systems Inc. (LML) is a provider of payment processing solutions including electronic payment processing, risk management and authentication services, primarily to businesses and organizations that use the Internet to receive or send payments. The Company links merchants selling products or services to customers wanting to buy them and financial institutions who allow the transfer of payments to occur. It has partnership arrangements and certified connections to financial institutions, payment processors and other payment service providers. It provides its electronic payment, authentication and risk management services to over 10,000 businesses and organizations in Canada and the United States. Its payment services allow its customers to accept or process an array of payments, including credit cards, debit cards, electronic fund transfers and automated clearing house (ACH) transactions.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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