The Federal Reserve Bank of New York is one of 12 regional banks that petitioned to invalidate Bozeman Financial’s patents. (Photo: Felix Lipov/Shutterstock.com)
Boies Schiller Flexner is asking the U.S. Supreme Court to clarify the nature of Federal Reserve Banks.
The U.S. Court of Appeals for the Federal Circuit ruled in April that the banks are private corporations established by the federal government but not part of it. As such, the banks had the authority to challenge the validity of patents at the USPTO under the America Invents Act. The banks did so a few years ago, knocking out two patents on payment verification systems held by Bozeman Financial.
