LOS ANGELES, Sept. 26, 2005 – LAWFUEL – The Law News Network – Applied Business Software, Inc. (ABS), a leading developer of software for the lending industry with headquarters in Long Beach, California, settled a copyright infringement and breach of contract lawsuit against Pacific Mortgage Exchange, Inc. (PMEI), a mortgage lender with offices in Big Bear, California and Palm Desert, California.
ABS had sued PMEI in Federal District Court alleging breach
of its software licensing agreements and copyright infringement. In the settlement, PMEI agreed to pay ABS $50,000 and the licenses to use the ABS software in PMEI’s Big Bear and Palm Desert offices are terminated.
Applied Business Software, Inc. is determined to defend its products against illegal copying and infringement of its copyrights. Copyright infringement is a matter of grave concern to the software industry and enforcement of licensing agreements is essential to the livelihood of software developers.
An independent study* shows that 21 percent of software in
the United States is unlicensed. Last year, the U.S. lost
$6.6 billion as a result of software piracy.
“Intellectual property serves as the engine of innovation
and economic growth,” said Robert Holleyman, President and
CEO of Business Software Alliance. “The theft of
intellectual property has profound implications for our nation’s economy and consumers worldwide, and protection of these works must be enforced on a global scale.”
*”Global Software Piracy Study” conducted by IDC for the Business Software Alliance, May 2005
Applied Business Software, Inc. (ABS) is a leading producer
of software for the lending industry. Founded in 1978, ABS supplies software for loan origination, loan servicing, trust accounting, and addresses the needs of lending professionals in many other areas.