Banks' payment systems under attack
In a flurry of lawsuits which have named eight of the country’s largest financial companies – including Bank of America and JP Moran Chase - Intellectual Ventures claims widespread infringement of its intellectual property.
The Financial Times reports that the claims come amid moves from Washington to combat patent ‘trolls’ – those who buy up patents to force settlements.
Intellectual Ventures’ general counsel, David Kris, denied that the law suits were ‘frivolous’, adding that the company backed proposed legislation to stamp out such claims.
Intellectual Ventures claims it was forced to act as the banks failed to sign licensing deals to use security technology.
Although none of the banks were prepared to comment on the lawsuits, an industry expert told the FT that Intellectual Ventures is seen as a ‘drag on innovation’, adding that ‘it’s hard to see how their actions are beneficial for the economy or their own shareholders’.