Electronic payment company CheckFree Corp. and Intuit Inc. Monday settled a lawsuit filed last March over alleged contract violations.
Intuit, which owns a 19.9 percent stake in Checkfree, filed a lawsuit last March accusing the company of violating contract terms. Intuit said Checkfree violated a provision in the agreement that forbids Checkfree from offering products similar to Intuit’s. Checkfree sold its service to a number of Intuit’s competitors, including Yahoo! Inc., according to Reuters.
Intuit and Checkfree would not elaborate on the settlement’s terms other than to say no money changed hands.
“We are very pleased to be back on track in our relationship with CheckFree in a manner that benefits both companies. We look forward to our continued relationship and renewed dedication to meeting customer needs,” said Intuit President and Chief Executive Officer Bill Harris.
Pete Knight, CheckFree’s chief executive officer and chairman, said the settlement will allow both companies to capitalize on the growth of electronic billing and payment.