Autobytel and Dealix Settle Patent Infringement Suit
Autobytel Inc. and Dealix Corporation have entered into a settlement agreement regarding a patent infringement suit Autobytel filed against Delix in December 2004. The suit was filed in the United States District Court for the Eastern District of Texas.
Irvine, Calif. -- Autobytel Inc. and Dealix Corporation have entered into a settlement agreement regarding a patent infringement suit Autobytel filed against Delix in December 2004. The suit was filed in the United States District Court for the Eastern District of Texas.
Under the agreement, the parties agreed to dismiss the litigation without any admission of wrongdoing.
The agreement provides that Dealix will pay Autobytel a total of $20 million in settlement payments, $12 million of which will be payable within 120 days of November 13, 2006, with the remainder to be paid out in installments of $2.67 million on the next three annual anniversary dates of the initial payment.
The agreement also provides Dealix and The Cobalt Group with a license to of patents and patent applications and mutual releases of claims.
Autobytel Inc. President and Chief Executive Officer James Riesenbach and Dealix Corporation President John Holt said: "We are satisfied that both parties to this litigation have amicably reached an agreement to settle the lawsuit."
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