EagleView and Verisk Agree to End Litigation; EagleView’s Patents Affirmed

Insurance technology firms EagleView and Verisk have patched up their differences and are vowing to move ahead “enabling joint innovation.”

The companies’ accord comes two years after aerial imaging firm EagleView Technologies won a $125 million patent infringement verdict against insurance analytics firm Verisk (and its subsidiary Xactware Solutions).

It also comes seven years after Verisk moved to acquire EagleView.

The settlement ends all litigation between the two, vacating the jury award, as well as Verisk’s appeal, and lifting an injunction keeping Verisk from selling some its products.

In addition, the agreement affirms that the patents held by EagleView, which were included in the suit, are valid, subsisting and enforceable. In addition, EagleView agreed that Verisk complied with the U.S. District court’s injunction.

Any financial or other terms of the accord were not disclosed.

The stipulation signed by both companies was filed Nov. 5 in the U.S. District Court of New Jersey. The firms expect the court to approve it.;

The parties said the settlement will serve the “public interest of judicial efficiency by eliminating the need for any further appeal, litigation, motion practice, and imposition upon the time and resources” of the courts.

“We’re looking forward to working together to create innovative solutions, drive efficiency and assist our joint customers,” said Chris Jurasek, CEO of EagleView.

Mark Anquillare, Verisk chief operating officer and group president, said the agreement “allows Verisk and EagleView to accelerate the development of richer, more-efficient digital experiences for insurers, service providers and policyholders.”

In 2019, a New Jersey jury ordered Verisk to pay $125 million to EagleView for lost profits linked to Verisk infringing on various EagleView patents. The jury found Verisk and its Xactware Solutions unit willfully infringed EagleView’s proprietary intellectual property and upheld EagleView’s technological innovations. A federal appeals court heard Verisk’s appeal of that verdict in October, but has not yet issued a decision.

The history between the two firms includes a Verisk bid in 2014 to acquire EagleView for $650 million. Verisk scrapped that plan after antitrust regulators said the deal would give the company too large a share in the market for aerial images used by insurers.

Topics Lawsuits