| [ 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.” |
About Lexcel Solutions, Inc.
Doing business in North America, Europe and South America, Lexcel provides end-to-end payment testing software and services to third-party transaction processors, debit and credit networks, financial institutions, retailers, ATM/POS manufacturers and government organizations. The company works with such well-know companies as Heartland Payment Systems®, STAR® Network, Wincor Nixdorf, Mercury Payments®, United States Postal Service®, and WorldPayTM. Lexcel products reduce the time, cost and effort to perform transaction network test scheduling, maintenance and execution, regression and stress testing, and settlement testing for ATM, POS, EFT and EMV transactions. Clients of Lexcel improve the quality of their software development operations and ensure compliance with ISO8583 testing requirements while increasing processing system integrity. More information on Lexcel's end-to-end testing solutions can be found at www.lexcel.com. |
