LML Settles Litigation With Northern Trust; Will Receive $1.25M

LML Patent Corp., a wholly-owned, indirect subsidiary of LML Payment Systems Inc. LMLP announced today that it has agreed to the terms of a Settlement and License Agreement with The Northern Trust Company and Northern Trust Corporation NTRS with respect to litigation filed by LML in the U.S. District Court for the Eastern District of Texas alleging that Northern Trust infringed U.S. Patent No. RE40,220. The terms of the Agreement provide Northern Trust with a fully paid-up license to certain LML patents for electronic check conversion transactions including "ARC", "WEB", "POP", "TEL" and "BOC" and primarily have as their basis, Northern Trust's transaction volume. Northern Trust agreed to pay $1,250,000 in connection with the Agreement.