DENVER BUSINESS JOURNAL - CPI Card Group Inc. said it's settled a pair of patent lawsuits filed by a Dutch company.
The Littleton-based chip card maker (Nasdaq: PMTS) said it will pay $750,000 to Gemalto S.A., a digital security company based in the Netherlands, to settle the suits based on two technology patents.
CPI Card Group denied any wrongdoing in the settlement and said it settled the suits because it wanted to "avoid the uncertainty, distraction, and expense of protracted litigation."
“While we were firmly committed to our defense of the claims raised in the suits, we are pleased to end these frivolous suits for a fraction of our legal expenses,” said Steve Montross, president and CEO of CPI Card Group, in a statement.
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