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Island Intellectual Property Awarded Two U.S. Patents for Innovative FDIC Sweep Products
Tuesday, March 16, 2010
New York, NY -- Island Intellectual Property LLC ("Island IP"), which owns and manages the intellectual property for Double Rock Corporation, its subsidiaries, and affiliates, is pleased to announce that the U.S. Patent and Trademark Office awarded it U.S. Patent No. 7,680,734, entitled "Money Fund Banking System", (the "’734 Patent"), and U.S. Patent No. 7,680,716, entitled "System and Method for Allocating Excess Funds in Aggregated Control Account", (the "’716 Patent").
As part of its vigorous efforts to enforce its intellectual property rights, Island IP and its affiliate, LIDs Capital LLC ("LIDs"), filed another patent infringement action in the U.S. District Court for the Southern District of New York— Docket No. 10-cv-2268, ISLAND INTELLECTUAL PROPERTY LLC and LIDS CAPITAL LLC v. DEUTSCHE BANK TRUST COMPANY AMERICAS and TOTAL BANK SOLUTIONS, LLC.
In this latest complaint, Island IP and LIDs assert that the defendant’s Deutsche Bank Insured Deposit Program infringes both the ’734 Patent, which issued today, and U.S. Patent No. 7,672,886, entitled "Systems and Methods For Managing Client Accounts," which issued earlier this month.
"These patents pertain to the innovative systems and processes that enable end clients to receive expanded FDIC protection with unlimited check writing and/or debit card usage," said Charles R. Macedo, a partner with Amster, Rothstein & Ebenstein LLP, which represents Island IP and Double Rock Corporation’s companies. "These patented features are particularly attractive to commercial (business) accounts and have proven to be a key competitive advantage for the Double Rock companies’ clients."
Including the ’734 Patent and the ’716 Patent, Island IP has been awarded seven patents relating to its expanded FDIC sweep programs in 2010 alone.
Double Rock Corporation is a leading financial services technology company providing the industry’s most innovative cash management and cash-related solutions to the broker-dealer, bank, qualified plan, and retail markets.
LIDs Capital LLC offers its Liquid Insured Deposits program to broker-dealer, clearing firm and registered investment advisor clients. The patented and patent-pending technology behind Liquid Insured Deposits enables brokerage firms to protect client cash holdings with up to $2.5 million of FDIC insurance through one account while maintaining 100% daily liquidity. www.LiquidInsuredDeposits.com.
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