USPTO Agrees To Reexamine Controversial Accounting Patent

Law360, New York (June 23, 2004, 12:00 AM EDT) -- The U.S. Patent and Trademark Office has agreed to reexamine a controversial financial account patent at the center of a lawsuit filed against online broker Ameritrade Holding Corporation and retailer Federated Department Stores.

Ameritrade and Federated had asked the USPTO to reexamine a business-method patent for establishing credit accounts after the companies were sued for patent infringement. U.S. Patent No. 6,105,007 covers the fully automated establishment of financial and credit accounts.

A small company called Affinity Technology Group has filed a lawsuit against both Ameritrade and...
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