A U.S. judge ordered a unit of Royal Bank of Scotland Group Plc on Friday to stop using a key piece of software used for its trade finance business after finding the bank liable for copyright infringement.U.S. District Judge Katherine Forrest in Manhattan entered a permanent injunction requiring RBS's ABN Amro unit to stop using the BankTrade software within a year, and not to use it to process new trade finance transactions received 60 days from now."ABN may not continue benefiting from its blatant and ongoing infringement simply because stopping that infringement will be disruptive to its business," Forrest wrote in a decision favoring Complex Systems Inc, which produces the software and had sought the injunction.The ruling, which followed six years of copyright litigation, could cause major headaches for RBS's trade finance business, which generated $497 million (295 million pounds) of income last year, according to its annual report.
The Royal Bank of Scotland Group plc (RBS) is a holding company of a global banking and financial services group. Shares of RBS fell by 1.62% or $-0.18/share to $10.95. In the past year, the shares have traded as low as $8.15 and as high as $12.44. On average, 997173 shares of RBS exchange hands on a given day and today's volume is recorded at 472086.
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