July 19 (Reuters) - Mobile Embrace Ltd MBE.AX
* Has settled its ongoing litigation with gbd ventures pty limited
* Mbe has denied claim and has cross-claimed against gbd and two of its shareholders
* Under terms of settlement, all parties are to be responsible for payment of their own costs
* Litigation in which gbd sued mbe for $3.537m for loss alleged to have been incurred by gbd under a supply agreement with mbe