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Acacia Subsidiary Enters Into Settlement Agreement With ConocoPhillips

Regarding credit card fraud protection technology

Financial Systems Innovation, a subsidiary of California-based Acacia Research, has entered into a settlement agreement covering a patent that applies to credit card fraud protection technology with ConocoPhillips.

Reportedly, this resolves a dispute that was pending before the United States District Court for the Northern District of Georgia concerning ConocoPhillips.

It has been reported that the expired patent asserted in this litigation generally relates 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 specifically identifies each transaction processed within the system.