Compass, Others Close Out Online Banking Patent Suit

The last remaining defendants — including Compass Bank and First Horizon National Corp. — have reached a settlement in a patent infringement suit brought by a Florida inventor who accused dozens of financial institutions of infringing an online banking patent.

Magistrate Judge Charles Everingham IV of the U.S. District Court for the Eastern District of Texas on Wednesday stayed all deadlines in the case as Compass Bancshares Inc., Compass Bank, First Horizon and First Tennessee Bank sought to wrap up final settlement details with plaintiff Leon Stambler.

Law360, New York (June 23, 2010, 5:28 PM ET)
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