Firm wins patent infringement suit that implicated "the entire letter of credit processing industry"
In a patent infringement lawsuit brought by TradeCard, Inc. over Bank of America's use of S1 Corporation's Purchase Order Processing System (POPS), a jury in New York federal court has rendered a rare verdict for both infringement and patent validity.
The verdict, rendered by a jury in the Southern District of New York on March 22, vindicated Bank of America's contention that its use of POPS did not infringe upon a patent held by TradeCard. TradeCard had sought patent infringement damages of more than $10 million and an injunction forcing Bank of America and S1 to stop using or selling POPS, an electronic tool that facilitates global trade letter of credit and open account transactions.
Frank Emory and Nash Long of Hunton & Williams were the litigators representing Bank of America in the case. "Bank of America took the lead in resisting a patent challenge that implicates the entire letter of credit processing industry," said Frank Emory, lead litigator on the case. "This satisfying event for our client and our law firm is the product of a true team effort."
"Bank of America is very pleased with the outcome of the trial. This verdict is a complete vindication of Bank of America's position that the Bank's use of POPS does not infringe the TradeCard patent, and that the patent itself is invalid," said Dan Scanlan, Director of Trade Product Management for Bank of America. "This verdict means that Bank of America will continue to use POPS as an innovative solution to expedite the processing of documentation for international trade customers who do business around the world."
