Destiny Media And Yangaroo Settle Lawsuits
June 28, 2011 at 6:32 AM (PT)
DESTINY MEDIA TECHNOLOGIES and YANGAROO have resolved all litigation between the two parties. As part of the settlement agreement the parties agree that all allegations of infringement and invalidity on any existing or pending YANGAROO patents will immediately cease.
As a result, DESTINY will drop the Canadian patent invalidity proceedings and its action for defamation against YANGAROO and certain of its former officers. YANGAROO will drop its counterclaim for patent infringement in CANADA and drop its defamation counterclaim as against DESTINY and its CEO.
In consideration of the settlement, YANGAROO paid DESTINY a lump sum amount totaling $600,000 (Canadian Funds), and granted DESTINY certain intellectual property rights relating to the two patents held by YANGAROO that were the subject matter of the dispute.
DESTINY will continue to provide PLAY MPE in its current form with no changes or service interruptions. As part of the settlement, neither party will pursue legal fees, court costs or royalties pursuant to the above mentioned disputes.