Vicon Announces Patent Suit Settlement
Vicon Industries Inc., a designer and producer of IP video security and surveillance systems, has settled a patent litigation suit brought by Lectrolarm Custom Systems Inc. Under the settlement, the company agreed to a one-time payment of $5 million to Lectrolarm in exchange for the release of all claims against the company and the dismissal of its suit pending in the U.S. District Court.
Vicon believed the suit was without merit and defended itself for more than eight years, but it decided to settle the matter.
“The resolution of the suit allows the company to move forward with its strategic plans after years of management distraction and financial uncertainty since the suit was brought in 2003,” said Ken Darby, Vicon’s chairman and CEO.
Vicon Industries Inc. designs, engineers, assembles, and markets a wide range of video and access control systems and system components used for security, surveillance, safety, communication and process control purposes by a broad group of end users worldwide.