BALTIMORE, Feb. 9, 2016 /PRNewswire/ --
NEWS
T. Rowe Price
(NASDAQ-GS: TROW) today announced that GRQ Investment Management
voluntarily dismissed all claims it brought in the U.S. District
Court for the Eastern District of Texas alleging patent infringement based on
T. Rowe Price's offering of certain
automated tools used to administer 401(k) retirement plans.
As a result, T. Rowe Price will
continue using its automated 401(k) plan tools without the payment
of any settlement or licensing fees to GRQ Investment
Management.
The patents in question were related to automatic investment
services, including automatic enrollment and automatic increase
tools, which help plan participants get started in their plans and
allow them to systematically make higher contributions to their
plans over time.
QUOTE
David
Oestreicher, Chief Legal Counsel, T. Rowe Price Group,
Inc.:
"We're pleased with the outcome of this matter and consider it a
win for the firm and our clients. We'll continue with business as
usual offering these automatic services, which are important tools
that help many 401(k) plan participants save more for
retirement."
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a
global investment management organization with $763.1 billion in assets under management as of
December 31, 2015. The organization
provides a broad array of mutual funds, subadvisory services, and
separate account management for individual and institutional
investors, retirement plans, and financial intermediaries. The
company also offers sophisticated investment planning and guidance
tools. T. Rowe Price's disciplined, risk-aware investment
approach focuses on diversification, style consistency, and
fundamental research. For more information, visit troweprice.com or
our Twitter, YouTube, Linkedin, and Facebook sites.
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SOURCE T. Rowe Price Group, Inc.