Cordray Index Losers: netSpend

The Austin Business Journal reports a first quarter loss for netSpend of $5.8 million on revenue of $91.4 million. Compared to the first quarter of 2011, this is a $13.6 million drop in profit.

"Austin-based NetSpend (Nasdaq: NTSP) attributed the $13.6 million decline in profit to litigation-related losses of $25.3 million."

Will anybody clue me in about the litigation? Did they lose or settle the lawsuit they filed against MPower (Mango Financial)?

The Cordray Index Losers
netSpend and BET Take a Bite Out of the Poor

UPDATE: Finally found that Netspend lost a patent infringement suit with Alexsam, Inc., which was awarded $18 million royalties. Other costs of the lawsuit are estimated at $6 million.