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Legal
Problems Continue to Plague LML LML
Payment Systems, the owner of the only patent issued on check conversion,
can’t seem to catch a break. After recently settling its multi-year litigation
over the purchase of check conversion patents, LML is being sued again. The
company has received a complaint filed by Todd H. Moore against the corporation
in the 150th District Court, Bexar County, Texas. Moore is seeking an order
directing the corporation to deliver an option to purchase 250,000 shares of the
corporation’s common stock at $1.50 per share, or, alternatively, damages of
$10 million, and certain other relief. Moore alleges that the corporation
retained him in 1998 to assist in raising media exposure of the corporation and
that as compensation for such services Moore was to receive the stock option. In
December 1999, Moore filed a similar suit against LML in the U.S. District
Court, Western District of Washington, alleging substantially the same facts as
those set forth above. (It seems to us that Moore is still working hard to
“raise media exposure of the corporation,” but it is clearly not the kind
the corporation had in mind.) The
original suit was dismissed with prejudice on June 5, 2000. LML Payment Systems
contends that as a result of the dismissal with prejudice in the prior case,
Moore is precluded from bringing substantially the same suit in a Texas court.
The corporation believes this suit is without merit and intends to defend this
action vigorously. On
other LML litigation front, the U.S. District Court, Southern District of
Florida granted LML’s motion to dismiss an amended complaint filed by Global
Transaction Systems, LLC for lack of subject matter jurisdiction. For more
information visit www.lmlpayment.com |
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