| [ Lexcelerated News ]
February 16, 2006
MasterCard International and Lexcel Solutions Reach Settlement and Mutual Release Agreement
MasterCard International and Lexcel Solutions have reached a settlement agreement and mutual release in civil actions 03-cv-01454-PHX-JAT and 04-1336-PHX-NVW in the United States District Court for the District of Arizona.
Lexcel asserted claims of trade secret misappropriation, copyright infringement, breach of fiduciary duty, and unfair competition against MasterCard. MasterCard challenged Lexcel’s U.S. Patents Nos. 6,129,271 and 6,336,590.
Pursuant to the Settlement Agreement and Mutual Release (“Release”) between MasterCard and Lexcel executed on February 16, 2006, the Litigation, as defined in the Release, between the parties has been settled and the terms and conditions of the settlement are confidential.
Lexcel’s founder and Chief Technical Officer, Carl Kubitz, states, “It is important for boutique engineering firms to protect their intellectual property and maintain the integrity of their Patents. Lexcel will continue to provide the EFT community with progressive technology.” |
