Winter Park advertising firm Izea has settled a three-year-old patent lawsuit with Dallas-based Blue Calypso.
Izea specializes in sponsored social advertising, where celebrities or social media stars endorse products and services in exchange for a fee. It also features an online marketplace for writers and bloggers for hire. Izea was being sued along with Groupon, Yelp, Foursquare and MyLikes. According to the federal court docket in the case, Izea was the only company to settle recently in the ongoing case.
The total settlement amount is $390,506. IZEA will pay $200,000 to Blue Calypso within ten days, while $190,506 will be paid in quarterly installments of $47,626 over 24 months.