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Georgia Court Grants Intrasweep a Permanent Injunction Against IDCís MMAX Product With Reciprocity


Monday, May 03, 2010

New York, NY -- Intrasweep LLC (“Intrasweep”) and its affiliate, Island Intellectual Property LLC (“Island IP”), are pleased to announce that on April 21, 2010, they successfully concluded their patent infringement action against Institutional Deposits Corp. (IDC). The Georgia Federal Court entered a Consent Order today in which IDC is permanently enjoined from providing its MMAX Product with Reciprocity.

Intrasweep and Island IP originally brought this action in November 2009, asserting that IDC’s MMAX Product With Reciprocity infringed claims of U.S. Patent No. 7,536,350, “Systems and Methods for Providing Enhanced Account Management Services for Multiple Banks” (the “’350 Patent”).

The ’350 Patent, which was awarded to Island IP on May 19, 2009, is related to sweep technology that enables banks to offer expanded FDIC insurance coverage through multiple banks, while obtaining reciprocal deposits from a system of network banks based on the amount of funds the participating bank puts into the system, thereby keeping deposits on a bank’s balance sheet to fund loan demand.

The ’350 Patent is utilized by Intrasweep’s Demand Deposit Marketplace (DDM) product, which enables banks to offer their customers expanded FDIC insurance with 100% daily liquidity. The Consent Order, from the United States District Court for the Northern District of Georgia Atlanta Division, permanently enjoins, or prohibits, IDC from offering its MMAX Product With Reciprocity or any similar programs.

“We are pleased with the favorable results in the IDC case,” said Charles R. Macedo, Esq., a partner with Amster, Rothstein & Ebenstein LLP, which is representing Intrasweep and Island IP. “Enabling banks to offer expanded FDIC insurance with reciprocal deposits is quickly becoming the new standard in banking, and we will continue to enforce the intellectual property that is helping to serve community banks across America.”

Island Intellectual Property LLC, a wholly owned subsidiary of Double Rock Corporation, holds and manages the patents, patents pending and other intellectual property for Double Rock and its wholly owned subsidiaries and affiliated companies.

Intrasweep LLC is a wholly owned subsidiary of Double Rock Corporation and an innovative bank servicing company dedicated exclusively to supporting the deposit and liquidity needs of banks and their customers.



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