Metro Bank has reached a settlement with the U.S. software firm Arkeyo concerning allegations that it improperly leaked the company’s coin-counting technology to a competitor.
Arkeyo has been pursuing legal action against Metro Bank for eight years, initially filing a civil lawsuit in the United States in 2017. The company asserts that it developed the software for Metro’s ‘magic money machines’ over a decade ago, which was later shared with competitor Saggezza.
These coin-counting machines are designed to help children tally their small change. According to Arkeyo, discussions in 2016 between Metro and Saggezza involved strategies to replicate the Arkeyo software in order for Metro to transition to Saggezza as its software provider.
Arkeyo further alleged that Saggezza requested Metro to supply a touchscreen computer equipped with the Arkeyo software. The settlement was finalized just prior to a scheduled High Court hearing in the UK.
Helix Law, the legal team representing Arkeyo, was pursuing £14.7 million in damages related to the claims. However, specific terms of the settlement, including financial details, remain undisclosed.