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Pioneer in Insured Deposits Accounts Issued Patent on Innovative Technology--Seeks to Protect Its Rights
Wednesday, March 25, 2009
New York, NY -- Double Rock Corporation ("Double Rock") is pleased to announce that today the U.S. Patent and Trademark Office issued to its wholly owned subsidiary, Island Intellectual Property LLC ("Island IP"), U.S. Patent No. 7,509,286, entitled "Systems and Methods for Money Fund Banking, with Flexible Interest Allocation" (the "'286 Patent"). The '286 Patent is related to the Insured Deposits Program technology that Double Rock pioneered in 1997. The Insured Deposits Program enables brokerage clients to have up to $2.5 million of their cash holdings insured by the FDIC through one convenient account. The Insured Deposits Program also enables Double Rock's broker-dealers and clearing firm clients to offer their clients tiered interest rates. The ability to offer tiered interest rates allows a broker-dealer to provide different rates for different customers, the most common of which is based on asset levels where clients with larger balances are offered higher rates on their cash holdings. The structure enables the broker-dealer to have flexibility and discretion in determining the tier levels, which will ultimately impact its profitability.
Double Rock, Island IP, and LIDs Capital LLC, a wholly owned subsidiary of Double Rock, filed two federal lawsuits today in the U.S. District Court for the Southern District of New York, seeking to enforce the '286 Patent: ISLAND INTELLECTUAL PROPERTY LLC, LIDS CAPITAL, LLC and DOUBLE ROCK CORPORATION v. PROMONTORY INTERFINANCIAL NETWORK, LLC and MBSC SECURITIES CORPORATION; and ISLAND INTELLECTUAL PROPERTY LLC, LIDS CAPITAL LLC, and DOUBLE ROCK CORPORATION v. DEUTSCHE BANK AG, DEUTSCHE BANK TRUST COMPANY AMERICAS, and TOTAL BANK SOLUTIONS LLC.
"We are very pleased that Island IP has been issued the patent on the Insured Deposits Program," said Charles R. Macedo, a partner with Amster, Rothstein & Ebenstein LLP, which is representing Double Rock and its subsidiaries. "Double Rock is very proud of its innovations and the contributions they make to its clients and the millions it serves, and we will continually seek to protect its rights under these patents."
Double Rock Corporation is a leading cash management and financial technologies company providing the industry's most innovative cash management and cash-related solutions to the broker-dealer, banking, qualified plan and retail direct space.
Island Intellectual Property LLC is a wholly owned subsidiary of Double Rock Corporation that holds the patents, patents pending and other intellectual property for Double Rock and its wholly owned subsidiaries and affiliate companies.
LIDs Capital LLC is a wholly owned subsidiary of Double Rock Corporation that offers its Insured Deposits Program to broker-dealer and clearing firm clients. The Insured Deposits Program enables any brokerage firm client to protect cash holdings with up to $2.5 million of FDIC insurance through one convenient account.
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