are keeping mum for now about their legal settlement, but perhaps not for long. Today Andover, Massachusetts-based NewRiver and Albany, New York-based Newkirk confirmed that they have settled the suit NewRiver first brought against Newkirk back in 2006, claiming that Newkirk's EDGAR-View
service infringed on NewRiver's patent for its own ProspectusExpress
The terms of the settlement were not disclosed, and both Newkirk and NewRiver declined to comment further. Yet a source familiar with the situation confided that a big announcement would be coming out soon. And Jim Salada
, general counsel for Newkirk, agreed that "there will be further news down the line."
"It was a pretty amicable settlement," Salada told The MFWire
A federal jury ruled in Newkirk's favor in April 2009, but then in December a federal judge overturned that verdict and ordered a new trial.
NewRiver specializes in handling documentation for financial services firms, while Newkirk provides communications materials in the defined contribution retirement plan business.
Company Press Release
ANDOVER, Mass. and ALBANY, N.Y., June 24 /PRNewswire/ -- NewRiver, Inc. and Newkirk Products, Inc. today jointly announced that they have settled the patent litigation between them involving NewRiver's United States Patent Number 6,122,635 for Mapping Compliance Information Into Useable Format.
NewRiver and Newkirk declined further comment citing the confidentiality of the settlement agreement.
About NewRiver, Inc.
NewRiver develops innovative technology solutions that help financial leaders simplify investor disclosure - providing transparency and cost savings to the delivery of fund data and investor communications. Since 1995, the company has helped some of the world's leading financial organizations move from paper to electronic disclosure via an easy to use, cost-effective, managed service offering. NewRiver pioneered the first electronic prospectus, and is the only company to guarantee its data to be "compliance grade" which allows customers to reduce risk, lower compliance costs and increase revenues. Through a patent-pending, automated process NewRiver efficiently monitors millions of data points from over 25,000 fund CUSIPs. Further, the company's unique "paperless" approach improves the investor experience while offering a real alternative to the environmental impact of paper-only delivery. Relied on daily by over 100 leading financial services firms, and millions of investors, NewRiver is a trusted and growing solution provider facilitating the transition from paper-based mutual fund information, to electronic. To learn more, please visit our website www.newriver.com or call 978-247-7200.
About Newkirk Products, Inc.
Newkirk and its subsidiary companies are leading-edge defined-contribution plan communication providers. For over 30 years, Newkirk has developed creative solutions to communications issues faced by financial institutions and professional firms focusing on 401(k), 457, 403(b), money purchase, and profit sharing plans. For more information, visit www.newkirk.com or call 800-525-4237.
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