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Wednesday, August 20, 2014

RBS settles copyright lawsuit after U.S. judge blocks software's use, (NYSE: RBS)

Royal Bank of Scotland Group Plc said on Wednesday it had reached a settlement allowing it to use a key piece of software in its trade finance business that a U.S. judge had prevented the bank from using due to copyright infringement. Terms of the settlement with Complex Systems Inc were not disclosed. But RBS in a statement said the deal would allow it to use the company's BankTrade software and continue processing trade finance transactions across all of its legal entities."Our clients remain our primary focus, and this settlement assures them of our continued commitment to our trade finance business," RBS said in a statement.A spokesman for Jersey City, New Jersey-based Complex Systems had no immediate comment.In May, 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 her decision.

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 0.25% or $-0.03/share to $11.94. In the past year, the shares have traded as low as $9.80 and as high as $12.47. On average, 745484 shares of RBS exchange hands on a given day and today's volume is recorded at 214347.