PRESS: RBS Loses Six-Year Dispute Over Loan Software - FT
(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - Royal Bank of Scotland Group PLC has been ordered by a New York district judge to stop using certain software used for processing loans and credit services in relation to its trade-finance business after a six-year dispute, The Financial Times reported Sunday.
According to the FT, RBS was ordered to stop using the software for new trade finance transactions within 60 days and to stop using it completely within a year.
RBS must "not continue benefiting from its blatant and ongoing infringement simply because stopping that infringement will be disruptive to its business," the judge, Katherine Forrest, said, according to the FT.
The FT said that IT group Complex Systems, which brought the case against RBS, sold the software to banks including ABN Amro. RBS bought ABN Amro in 2007.
According to the FT, the dispute came about after ABN attempted to resist the takeover by selling US subsidiary LaSalle, which held the licence over the software, to Bank of America.
The FT said RBS "did not secure a transfer of the licence from LaSalle but continued to use it" after the disposal of the subsidiary.
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