NGL Energy Partners LP
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Energy : Oil, Gas & Consumable Fuels | Small Cap ValueCompany profile

NGL Energy Partners LP owns and operates a vertically integrated energy business. The Company's segments are crude oil logistics, water solutions, liquids, refined products and renewables, and corporate and other. Its crude oil logistics segment includes owned and leased crude oil storage terminals, and owned and leased pipeline injection stations. Its water solutions segment provides services for the treatment and disposal of wastewater generated from crude oil and natural gas production, and for the disposal of solids, such as tank bottoms and drilling fluids. It offers water pipeline and disposal infrastructure solutions. Its liquids segment supplies natural gas liquids to retailers, wholesalers, refiners and petrochemical plants throughout the United States and in Canada. The Company's refined products and renewables segment is engaged in gasoline, diesel, ethanol and biodiesel marketing operations.

Closing Price
$10.79
Day's Change
0.12 (1.12%)
Bid
--
Ask
--
B/A Size
--
Day's High
10.85
Day's Low
10.55
Volume
(Heavy Day)
Volume:
1,586,038

10-day average volume:
883,168
1,586,038

Jury Finds Wells Fargo Infringes on USAA's Mobile Remote Deposit Capture Patents

5:33 pm ET November 6, 2019 (PR Newswire) Print

A U.S. District Court jury in Marshall, Texas has found that Wells Fargo willfully infringed on two USAA patents for the "auto capture" process, which simplifies check deposits made with mobile devices.

https://mma.prnewswire.com/media/692533/USAA_Logo.jpg

The jury awarded USAA $200 million in damages for Wells Fargo's past infringement of USAA's auto capture patents associated with this lawsuit. In June 2018, USAA filed a patent infringement lawsuit alleging Wells Fargo Mobile(R) Deposit infringed on certain USAA patents related to mobile check capture.

The process allows bank customers to use their mobile devices to photograph and then deposit checks without visiting a branch or sending checks by mail. This technology has led to a revolution in consumer banking. Nearly every U.S. bank and credit union uses this technology, benefiting some 87 million U.S. consumers.

USAA continues to seek opportunities to create reasonable and mutually beneficial licensing agreements with banks and credit unions for use of USAA's mobile remote deposit capture process.

"The verdict acknowledged the value of USAA's innovation on behalf of members," said Nathan McKinley, USAA vice president of corporate development. "We hope the industry acknowledges this verdict as further evidence of the enforceability of these patents. Our goal is to be reasonably compensated for the benefits we believe the industry has received from using USAA's pioneering efforts."

USAA filed a separate suit for additional patents related to the mobile remote deposit process against Wells Fargo in August 2018 in the U.S. District Court for the Eastern Division of Texas. It is scheduled for trial in January 2020.

Funds received as a result of this verdict and future royalty payments coming from licensing of the technology will be invested in additional improvements to better serve members. USAA pioneered mobile remote deposit capture, driven by the need to support members of the military and their families across the globe.

About USAAThe USAA family of companies provides insurance, banking, investments, retirement products and advice to 13 million current and former members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving our nation in the U.S. military or have received a discharge type of Honorable - and their eligible family members. Founded in 1922, USAA is headquartered in San Antonio. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

Contact: Rich Johnson (210) 268-6426 richard.johnson@usaa.com

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View original content to download multimedia:http://www.prnewswire.com/news-releases/jury-finds-wells-fargo-infringes-on-usaas-mobile-remote-deposit-capture-patents-300953324.html

SOURCE USAA

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