June 26, 2009 (FinancialWire) — The Beard Co. (OTCBB: BRCO) (Current Market Cap: $30.53 Mil.) said it has received $825,388, or $0.08 per share, from a suit that a subsidiary of the company launched in 2003 against two of Visa, Inc.’s (NYSE: V) business units.

According to Beard, the money received was its share of a settlement in connection with a lawsuit filed in the United States District Court for the Northern District of Texas.

In May of 2003 Beard’s 71%-owned subsidiary, starpay.com, along with VIMachine, filed the suit against Visa International Service Association and Visa USA, Inc., both of which do business as Visa.

The suit sought damages and injunctive relief related to Visa’s alleged infringement of a VIMachine patent that covers, among other things, an supposedly improved method of authenticating the cardholder involved in an internet payment transaction.

According to Beard, the suit also alleged that Visa breached certain confidentiality agreements, committed fraud on the patent office and violated California’s unfair trade practices laws, and stole starpay’s intellectual property.

The parties eventually mediated, in January 2008, and reached a settlement that starpay.com viewed as acceptable.

Terms of the settlement remain confidential, according to Beard.

Oklahoma City-based Beard creates, acquires, and/or invests in businesses, primarily related to natural resources. The company also engages in e-commerce activities through its starpay subsidiary.

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