USAA and Mitek Agree to Settle All Pending Litigation

USAA and Mitek reported that they have agreed to settle all pending litigation between them.

USAA and Mitek Systems have been in litigation since March 29, 2012.

In its release on Sept. 3, USAA said that over the past several days, the parties have met and conferred in good faith concerning the claims remaining for trial.

As a result of this discussion, the parties have agreed to resolve these claims as follows:

-USAA said it will move to dismiss all of its remaining claims, including its claims for misappropriation of trade secrets, breach of contract, fraud, inequitable conduct, and invalidity of Mitek's patents.

-Mitek said it will move to dismiss all of its remaining claims, including its claims for trade defamation and violations of the Lanham Act. Mitek covenants not to sue USAA for patent infringement for products currently sold, marketed, or advertised by USAA, including its Deposit@Mobile application.

-The parties acknowledge that distinct patent rights exist for each of them.

-Neither party admits liability on any claim, and neither party is making any payment to the other.

-USAA is retaining its license to use Mitek's Quick Strokes, Quick FX Pro, and Image Score software products.

The USAA family of companies provides insurance, banking, investments, retirement products and advice to current and former members of the U.S. military and their families.

More information:

www.usaa.com

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