This just in; a minimalist prepared statement stating that Wealthcare Capital Management, Inc., Wealthcare Capital Management IP, LLC, UBS Financial Services Inc., and PIEtech, Inc. have settled a patent infringement suit.
The patent infringement lawsuit had been brought by Wealthcare and “any payment terms and other terms of the settlement are confidential.”
The lawsuit was filed by Wealthcare in August 2011 for infringement of its U.S. Patent Nos. 7,765,138 and 7,991,675 by UBS for use of systems that included PIEtech's MoneyGuidePro software.
PIEtech joined in the suit and both PIEtech and UBS denied liability and brought counterclaims of invalidity and non-infringement. The lawsuit was pending in the U.S. District Court for the Southern District of New York.
Soon after filing the suit Wealthcare Capital Management founder David B. Loeper said in an interview with InvestmentNews that the firm was simply defending the $17-million investment in its own intellectual capital spent over the years developing its own systems.
In a brief interview following the statement’s distribution Mr. Loeper reaffirmed that he could not comment on anything related to the suit.
“The terms and conditions of the settlement itself are confidential but I can say that our patents still stand and in the end they remain valid,” he said.
UBS and PIEtech representatives did not respond to requests for comment.
Financeware sues UBS and makers of MoneyGuidePro for patent infringement