Checkfree Corp. makes announcement.COLUMBUS, Ohio--(BUSINESS WIRE)--Nov. 22, 1995--Checkfree Corp. (NASDAQ/NM: CKFR CKFR Checkfree Corporation (stock abbreviation, AMEX) ) today announced that it has voluntarily dismissed without prejudice Without any loss or waiver of rights or privileges. When a lawsuit is dismissed, the court may enter a judgment against the plaintiff with or without prejudice. When a lawsuit is dismissed without prejudice its patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. lawsuit against Intuit Corp. (Intuit) and its subsidiary National Payment Clearinghouse Inc. (NPCI NPCI Nikon Photo Contest International NPCI Native Plant Conservation Initiative NPCI Nouveau Parti Communiste Italien NPCi National Payments Corporation of India NPCI Nuclear Power Corporation of India NPCI National Petrochemical Company of Iran ), now known as Intuit Services Corp. The lawsuit, filed in January 1995, alleged that Intuit and NPCI infringed Checkfree's patented electronic bill payment system. Subsequent to the filing of the lawsuit, the parties had engaged in informal discovery concerning the NPCI system as it existed in January 1995. On Oct. 26, 1995, Intuit released a new version of its Quicken software and announced a different bill payment offering to users who maintained accounts at a number of specified financial institutions. Mark A. Johnson, executive vice president of Checkfree, stated that "Although Checkfree believes that its suit still has merit, it is no longer commercially reasonable to expend money to prosecute the infringement suit against the now replaced NPCI system." Johnson added that "Checkfree will continue to aggressively protect its patented electronic bill payment system by monitoring the marketplace and taking action where necessary and appropriate." The dismissal of Checkfree's suit is specifically without prejudice to its right to refile the suit or to file suit against other infringements. Checkfree's electronic bill payment system permits its clients to pay any bill, to any payee The person who is to receive the stated amount of money on a check, bill, or note. payee n. the one named on a check or promissory note to receive payment. PAYEE. The person in whose favor a bill of exchange is made payable. , from any checking account at any bank or financial institution in the United States. Checkfree's patented system enables it to use multiple payment options to monitor and manage the credit risk inherent in electronic payments and to improve the quality of handling and posting payments to merchants. Checkfree has concluded that the NPCI product does not appear to perform either of these functions at the present time. About Checkfree Checkfree Corp., a leading electronic commerce company, last year processed more than $6.7 billion in payments involving more than four million households and businesses. Checkfree serves consumers, business and financial institutions with a wide array of product and service offerings, each finely tuned to the specific needs of its users. Founded in 1981, Checkfree Corp. is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. and is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. under the symbol CKFR. Checkfree is headquartered in Columbus, where it employs more than 400 full-time associates. CONTACT: Checkfree Corp., Columbus Mark A. Johnson, 614/825-3000 |
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