A U.S. district judge dismissed an IV lawsuit against Capital One on April 16, invalidating two patents that IV was attempting to assert against the financial institution. One of the patents related to electronic financial databases, while the other asserted claims over customized web interfaces.
In his ruling, U.S. District Judge Anthony Trenga in Virginia said that the patents IV was attempting to assert were actually abstract ideas, and thus could not be patented.
Intellectual Ventures filed patent lawsuits against a number of financial institutions in 2013, including JPMorgan Chase and Bank of America as well. The two patents invalidating in this Capital One case are at the center of the Bank of America litigation as well.
“We are disappointed with the court’s decision and are considering our options,” IV chief litigation counsel Melissa Finocchio told Reuters following the decision. She also said that the company would continue to pursue a second lawsuit against Capital One filed in Maryland.
This is not the first time that these financial institutions have dealt with Intellectual Ventures, and it likely will not be the last. Since forming in 2000, IV has already amassed more than 70,000 patents and other assets. IP watchdog Patent Freedom has named IV the number one patent troll in the United States.
However, because of its large library of patents, the company continues to attract investors looking for a piece of the action. Both Microsoft and Sony contributed unspecified amounts in funding to IV during the patent holder’s last round of funding. Notably, Apple, which has invested in IV in the past, declined to contribute during this round of funding, perhaps due to the company’s current patent troll issues.
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