News from the Wire

SmartMetric wins $3 million fee dispute with Visa, MasterCard

Friday, March 27, 2015 — 11:01:30 (EDT)

New York, March 26, 2015 - SmartMetric, Inc. (OTCQB: SMME) SmartMetric is pleased to advise that it has won a legal fee dispute with Visa Inc. and MasterCard International. The two respective payments card companies had sought what would have approximated to $3 million in fees and costs against SmartMetric arising from the SmartMetric patent infringement claim against Visa Inc. and MasterCard International.

"This is great news for SmartMetric, freeing us now to move forward with our advanced biometric payment and identity card technology without this massive potential cost to the company over our heads. This threat over the company of having to pay $3 million has been a serious impediment to our moving forward into production but now being dispensed with by the Court will allow us to move forward into production with great vigor," said SmartMetric's President & CEO Chaya Hendrick.

Part of yesterday's, March 25th ruling by the court is as follows:

"Defendants MasterCard International Inc. and Visa Inc. filed a Motion for Attorney Fees on October 30, 2013. (Docket No. 185). On December 18, 2013, the Court granted Defendants' ex parte application to continue the hearing on that motion until after the Supreme Court's decision in Octane Fitness. (Docket No. 210). On January 28, 2014, the Court entered the parties' stipulated order postponing the hearing on that motion until after the Federal Circuit resolved the appeal in this action. (Docket No. 212)."

"After reviewing the docket, its own prior orders, and the declarations made on both sides of this litigation, the Court does not believe that the litigation was undertaken in bad faith or that this case "stands out" under the Octane standard."

"Importantly, the Court did not find that SmartMetric's infringement case lacked any legal or factual basis, and moreover, Defendants never brought a motion asserting these deficiencies at that stage of the litigation. Additionally, the Court did not find that SmartMetric's claim construction arguments were frivolous or without merit. Indeed, the Court's Claim Construction Order actually adopted much of SmartMetric's proposed language."

"The Court, in its discretion and in the consideration of the totality of the circumstances, thus concludes that this case is not an exceptional case that "stands out from others with respect to the substantive strength of a party's litigating position." Octane, 134 S. Ct. at 1756. Accordingly, the Motion is DENIED."

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Source: Company press release.