Fraud Buster Hits Fed With Patent Suit

Law360, New York (January 26, 2007, 12:00 AM EST) -- A fraud-prevention software company has filed a patent infringement lawsuit against a rival firm and three Federal Reserve banks for allegedly violating technology for encrypting and validating checks.

Toronto, Canada-based Advanced Software Design Corp., which primarily serves banks and credit unions, filed the lawsuit over technology sold by financial IT firm Fiserv Inc.

According to the suit, Fiserv allegedly copied Advanced Software’s self-authenticating technology and sold it to the Federal Reserve Banks of St. Louis, Philadelphia and Atlanta.

The lawsuit was filed Jan. 22 in U.S....
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