By : Greta Weiderman
Source : http://www.bizjournals.com
Category : Patent Infringement
Commerce Bancshares Inc. and Frisco, Texas-based Unified Messaging Solutions LLC reached a settlement agreement Monday in a patent infringement lawsuit.
Unified Messaging Solutions, a subsidiary of Acacia Research Corp. (Nasdaq: ACTG), alleged in the lawsuit, filed March 1 in the U.S. District Court for the Eastern District of Missouri, that Commerce infringed on several of its patents for Web-based communication and message services.
Unified Messaging claimed that Commerce Bancshares’ "message center" feature accessible through its website, www.commercebank.com, was a direct cause of the patent infringement.
Financial terms of the agreement were not disclosed. The lawsuit was dismissed Monday, with each party to pay its own costs and attorneys' fees.
Commerce Bancshares officials said the terms of the settlement are confidential.
A representative of Commerce Bancshares could not immediately be reached for comment.
Newport Beach, Calif.-based Acacia Research’s subsidiaries partner with inventors and patent owners, license the patents to corporate users, and share the revenue. Acacia Research’s subsidiaries control more than 200 patent portfolios, according to the company. Acacia reported $184.7 million in 2011 revenue.
Commerce Bancshares Inc., led by Chairman and CEO David Kemper, reported a profit of $74.8 million on revenue of $265.9 million in the second quarter ended June 30.
Commerce Bancshares Inc. (Nasdaq: CBSH), with dual headquarters in St. Louis and Kansas City, operates Commerce Bank, the largest Missouri-based bank. As of June 30, its total assets were $20.7 billion. The company operates about 360 locations in Missouri, Illinois, Kansas, Oklahoma and Colorado.
Source : http://www.bizjournals.com/stlouis/news/2012/08/13/commerce-bancshares-settles-with.html
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