RDM Corp. (RC.TO), a provider of specialized software and hardware products for electronic payment processing, said that it has entered into a Settlement Agreement with PPS Data, LLC, a Nevada limited liability company. PPS Data had alleged that RDM was infringing on a number of its patents related to the processing of remote deposits.
As per the terms of the Agreement, RDM will pay between US$1.90 million to $2.02 million to PPS Data, depending on certain future business activities over the next 2 years. RDM said it 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.
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