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April 5, 2006
Full Service Patent Evasion
TradeCard owns 6,151,588, "Full service trade system," which claims online trading of goods and services. TradeCard sued Bank of America and rival S1 Corporation in March 2003 for patent infringement over S1's Purchase Order Processing Systems (POPS), which B of A uses. Yesterday came a surprising verdict.
After a three-week trial, in what's been termed a big upset, B of A and S1 not only got a noninfringement ruling, the jury also invalidated the patent, a particular surprise. TradeCard had been seeking $12 million in damages.
The financial community had been watching this case with concern, as this was considered a bellwether: if the defendants had lost, as expected, TradeCard was expected to be on the warpath for more wallets.
TradeCard is mulling an appeal, which seems likely.
Posted by Patent Hawk at April 5, 2006 11:41 AM | Litigation