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DocMagic, Inc. and Ellie Mae
® (NYSE: ELLI), today announced that they have executed a settlement agreement to end the pending litigation between the companies. In a joint statement the companies commented, "This settlement ends the legal disputes and renews the former relationship between the two companies, with DocMagic agreeing to make its services available to lenders through the Ellie Mae Network™. This agreement will enable the companies to focus resources on innovation and on enhancing the experience available to our mutual customers." As a part of the settlement, each company will drop all pending litigation consolidated in U.S. District Court for the District of Northern California.