PayPal settles patent suit

PayPal has settled its legal disputes with online security company CertCo, the companies said Monday. As part of the settlement, agreed to on Friday, PayPal made a small, undisclosed payment to CertCo, PayPal spokesman Vince Sollitto said.

Privately held CertCo sued PayPal in February, charging PayPal with patent infringement. The suit forced the online payments company to delay its initial public offering. PayPal later counter sued CertCo, charging the New York-based company with maliciously trying to disrupt PayPal's IPO. PayPal did not agree to license CertCo's patent as part of the settlement, Sollitto said. The settlement covers both suits.