Wells Fargo Settles $300M Patent Fight Over Mobile Deposits

Wells Fargo and United Services Automobile Association have agreed to settle two patent-infringement lawsuits that resulted in more than $300 million in damages against the bank, according to court filings in federal court in Texas.

• Terms weren’t disclosed, and officials with the two companies couldn’t immediately be reached
• The companies asked the court in Texas to put the cases on hold, saying they have “reached a settlement in principle” and need 60 days to finalize terms of the deal
• A November 2019 trial resulted in a $200 million verdict against Wells Fargo and two months later a second jury awarded ...