engine - 4:00 pm on May 31, 2013 (gmt 0)
Microsoft Corp(MSFT.O) has agreed to settle a lawsuit accusing it of infringing patents that enable Internet search engines to place advertisements most effectively.
Vringo Inc(VRNG.O), whose I/P Engine Inc subsidiary filed the lawsuit in January, announced the settlement on Thursday. Microsoft has agreed to pay $1 million and enter into a licensing agreement as part of the agreement, according to Vringo's U.S. regulatory filings.
A Microsoft spokeswoman confirmed the accuracy of Vringo' description of the settlement but declined to comment further.Microsoft Settles Search-Related Patents Lawsuit For $1 Million, Plus Licensing [in.reuters.com]