Friday September 25, 02:34 PM
STOCKS NEWS US-Western Union wins MoneyGram lawsuit
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0916 ET 25Sept2009-Western Union (NYSE: WU - news) wins MoneyGram lawsuit ------------------------------------------------------------------------------
Western Union Co said a federal jury in Texas has ordered a unit of MoneyGram International Inc (NYSE: MGI - news) to pay it $16.5 million for patent infringement over a money transfer system.
The company alleged that MoneyGram Payment Systems Inc's 'FormFree' system essentially copied its own patented 'Money Transfer By Phone' service. It said the systems involve the staging of money transfers through call centers and completing transactions at agent locations.
For details, see
Shares of Western Union closed Thursday at $19.40 while MoneyGram closed at $2.94.
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