US investment bank JPMorgan says San Francisco-based Actuate has agreed to continue to provide it with critical software and support whilst a litigation between the two parties is pending.
According to a Reuters report, Actuate had previously threatened to terminate services worldwide if JPMorgan does not pay $12 million in licence fees. The vendor claims JPMorgan has violated terms in their software licensing agreement.
The bank says it has been falsely accused of violating the agreement. In a lawsuit filed against Actuate last week the bank asked a Manhattan federal court to stop the vendor from pulling the plug on the supply of its information delivery software and support.
JPMorgan warned that a disruption could prevent thousands of customers from accessing monthly statements and prevent the bank from meeting legal reporting requirements.
However JPMorgan spokesman Tom Kelly has told reporters that the bank has now reached a temoporary agreement with Actuate for the conitunation of software and support services, although the dispute between the two parties continues.