Wednesday, July 26, 2017
ASKELADDEN SUCCEEDS IN CHALLENGE TO FINNAVATIONS PATENT
To read the update "Askeladden Succeeds in Challenge to Finnavations Patent" please click here.
As reported in early April, the Patent Trial and Appeal Board (“PTAB”) granted Askeladden’s Petition seeking Inter Partes Review of U.S. Patent No. 8,132,720, a patent related to a personal financial management system for tracking transactions that Finnavations LLC has asserted in infringement actions against more than a dozen financial services companies. The PTAB granted Askeladden’s Petition after finding that Askeladden established a reasonable likelihood that all of the claims of the patent are invalid.
During the PTAB’s review of the ‘720 patent, Finnavations disclaimed all of the claims of the patent and asked the PTAB to enter a judgment adverse to Finnavations. On July 18, 2017, the PTAB entered an adverse judgment against Finnavations with respect to all claims of the ’720 patent.
Askeladden’s Patent Challenge Committee decided to challenge the validity of the ’720 patent in the PTAB as part of its ongoing efforts to address patents of poor quality that are asserted in wasteful lawsuits against financial services companies and other businesses.
Members of Maynard & Gale’s Intellectual Property Practice in the firm’s New York City office represented Askeladden in the PTAB and helped our client obtain this very favorable result.