RBS can now use previously blocked trade finance software

RBS building

Royal Bank of Scotland said on Wednesday it had reached a settlement allowing it to use a key piece of software in its trade finance business that a U.S. judge had prevented the bank from using due to copyright infringement.

Reuters reports the terms of the settlement with Complex Systems Inc were not disclosed.

But RBS in a statement said the deal would allow it to use the company's BankTrade software and continue processing trade finance transactions across all of its legal entities.

'Our clients remain our primary focus, and this settlement assures them of our continued commitment to our trade finance business,' RBS said in a statement.

In May, U.S. District Judge Katherine Forrest in Manhattan entered a permanent injunction requiring RBS's ABN Amro unit to stop using the BankTrade software within a year, and not to use it to process new trade finance transactions received 60 days from her decision.

Hit the link below to access the complete Reuters article:

RBS settles copyright lawsuit after U.S. judge blocks software's use

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