June 14, 2013

RDM reports settlement in patent litigation

WATERLOO - RDM will pay between US $1,900,000 to $2,020,000 to PPS Data, depending on certain future business activities over the next two years. PPS Data had alleged that RDM was infringing on a number of its patents related to the processing of remote deposits. RDM expects to record a one-time charge against earnings in the three months ending June 30, 2013 for the settlement. The Agreement provides for a release from liability for any past or future transactions.

Randy Fowlie , President and CEO of RDM stated, "This settlement is the best financial decision for RDM. We were incurring significant legal fees and substantial management time defending the claims and expected these to increase going forward. We can now focus our attention and resources on the business."

 

 

 

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