21 August 2017
Find out more

Judge doubles US Bank cheque imaging patent infringement award

30 September 2010  |  6655 views  |  0 cheque

A federal judge has doubled the damages US Bank must pay DataTreasury for cheque processing technology patent infringements to around $54 million.

In March a jury awarded DataTreasury $26.6 million in damages after finding that US Bank and Viewpointe - a technology firm owned by US Bank and other financial institutions - wilfully infringed the company's two cheque-imaging patents.

DataTreasury asked for "enhanced damages" prompting district judge David Folsom to double the award and add interest payments "to more effectively punish the wilful infringement found by the jury", taking the total award to around $60 million.

Since 2002, DataTreasury has taken numerous organisations to court, arguing that the US banking industry has "deliberately and systematically infringed" its patents for image capture, centralised processing and electronic storage of document and cheque information.

It has settled with several players over the years but in October will go to trial against Bank of America, LaSalle, and SunTrust.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.euvisit www.vasco.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11113 views comments | 25 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9345 views 0 | 5 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
9309 views comments | 21 tweets | 28 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9090 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8951 views comments | 10 tweets | 8 linkedin