Acacia Research, a company that develops and licenses patented technologies, has announced that its Financial Systems Innovation subsidiary has entered into a settlement agreement with Shell Oil Company covering a patent that applies to credit card fraud protection technology.
The agreement resolves a dispute that was pending before the US District Court for the northern district of Georgia.
The patented technology 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.