SmartMetric expects June judgement on $13.4bn patent infringement suit against Visa and MasterCard
20 March 2014 | 1979 views | 0
SmartMetric, Inc. (OTCQB: SMME) expects that its motions which it has brought in its patent infringement law suit against both Visa and MasterCard to be heard by the US Federal Circuit Court this coming May.
If, as expected, the Court's hearing is held in May, then a ruling can be reasonably expected by June 2014, according to SmartMetric's President and CEO Chaya Hendrick. Of course this is a guideline and is subject to scheduling that is yet to be made by the Court.
SmartMetric is asking the Federal Circuit Court to make a ruling on its motions before the Court that both defendants, Visa and MasterCard are in control of the EMV technology used on the new chip credit and debit cards and therefore are liable as patent infringing parties. In representations to the court Visa and MasterCard have denied they "control" the offending technology therefore should not be held liable. SmartMetric believes this to be a preposterous position of the card company's especially in the light that both company's expert witnesses under oath in deposition have acknowledged that Visa and Mastercard do control the technology.
SmartMetric is the owner of a United States Patent & Trade Mark Office issued patent referred to as the "464" patent in the SmartMetric infringement lawsuit brought by SmartMetric, Inc. against defendants Visa Inc. and MasterCard International covering the use of cards (EMV Cards) that are used to make connections to a network after insertion into a card reader.
Some millions of EMV cards have already been issued in the United States as part of the ongoing EMV adoption and roll out throughout the USA that has now been accelerated in the light of the Target card security breach. SmartMetric has also asked the Federal Circuit Court to rule on SmartMetric's claim of 25% of the economic benefit flowing from the claimed infringing use of EMV cards in the United States.