Summary
Fidelity National Information Services, Inc. (FIS) announced on December 7, 2015, a significant resolution to ongoing litigation with competitor Fiserv, Inc. The agreement involves the dismissal of patent infringement lawsuits and appeals related to patent unpatentability. This marks a crucial step in de-risking operations and potentially improving operational focus for FIS by putting an end to a protracted legal battle that began in early 2012.
Key Highlights
- 1FIS and Fiserv have settled their patent litigation, ending a lawsuit filed by Fiserv in January 2012.
- 2Fiserv has agreed to dismiss its appeals regarding the unpatentability of certain of its patents.
- 3FIS and Fiserv have agreed to dismiss all patent infringement claims against each other.
- 4The settlement includes no monetary payment from either FIS or Fiserv, indicating a mutually agreeable resolution.
- 5This resolution removes a significant legal overhang and potential financial liability for FIS.
- 6The company expects this to allow for greater focus on core business operations and strategic initiatives.
Frequently Asked Questions
The dispute involved patent litigation, specifically a patent infringement lawsuit filed by Fiserv against FIS in January 2012, and Fiserv's subsequent appeals concerning the unpatentability of some of its patents.
No, the agreement explicitly states that no monetary payment was made or promised by either FIS or Fiserv in connection with this resolution.
This settlement removes a significant legal uncertainty and potential financial risk for FIS, allowing the company to redirect resources and management attention towards its core business operations and strategic growth initiatives.
Fiserv filed its patent infringement lawsuit against FIS in the United States District Court for the Middle District of Florida in January 2012.