Back in 2005, JPMorgan Chase Bank NA reached a $70 million licensing deal to resolve patent infringement claims lodged by DataTreasury Corp., a company that has asserted its patents on check processing technology against a slew of banks. But a decade later the fine print in the JPMorgan settlement has come back to haunt DTC, which was ordered this week to refund the bank nearly all its millions.
Entering a final judgment requested by JPMorgan’s lawyers at Skadden, Arps, Slate, Meagher & Flom, U.S. District Judge Michael Schneider in Texarkana, Texas, on Tuesday ordered DTC to pay $69 million for breaching the terms of the 2005 settlement.
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