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Johnson Matthey settles with Velocys over IP infringements

Edward Swift

LONDON (ShareCast) - (ShareCast News) - Velocys (Other OTC: OXFCF - news) has come to a settlement with Johnson Matthey (LSE: JMAT.L - news) over its intellectual property infringement case. In April 2010, the small scale gas-to-liquids company filed a lawsuit in the US against Catacel (subsequently purchased by Johnson Matthey last year) claiming infringement of several of the company's US patents.

Under the terms of the settlement announced on Wednesday, Johnson Matthey will pay Velocys an undisclosed amount in recognition of its IP, while acknowledging the validity of Velocys' patent rights and committing to respecting them.

Velocys shares rose 3p on the news, up to 80p at 1029 BST.