Square Inc., professor finalize settlement

9 months 1 week 5 days ago June 13, 2016 Jun 13, 2016 Monday, June 13 2016 Monday, June 13, 2016 11:30:38 AM CDT in News
By: The Associated Press

ST. LOUIS (AP) — The tech company Square Inc. and a St. Louis professor have finalized a settlement over development of the mobile payment device.

San Francisco-based Square makes the device that plugs into smartphones and tablet computers, facilitating credit card payments. The company, founded by Twitter co-founder Jack Dorsey and another St. Louis native, Jim McKelvey, processes about $30 billion in transactions each year. Square opened an office in St. Louis last year.

Washington University associate professor Robert Morley sued in 2014, alleging he was unfairly cut out of the enterprise after developing key software for Square. That led to a settlement that became public in May when Square recorded a $50 million charge.

The St. Louis Post-Dispatch reports that a federal court official on Monday confirmed the settlement is final.

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