Acacia Research in Settlement With Shell Oil on Credit Card Patent Dispute; Terms Undisclosed
October 26, 2007: 10:42 AM EST
NEW YORK (Associated Press) – Acacia Research Corp., which develops, licenses and acquires patented technologies, said Friday it agreed to settle a patent dispute with Shell Oil Co. regarding credit card fraud protection technology.
Shell Oil is a unit of Royal Dutch Shell PLC. Terms of the settlement were not disclosed.
The agreement between Acacia’s Financial Systems Innovation LLC unit and Shell covers patents relating to a computerized system for protecting retailers and consumers engaged in credit card, check card, and debit transactions. The system includes an electronic card reader and the generation and use of a transaction number which identifies each transaction in the system.