Merrill, BofA Hit With Online Banking Patent Suit

Law360, Washington (March 7, 2012, 7:48 PM EST) -- An information technology company slammed Bank of America Corp. and Merrill Lynch & Co. Inc. with a suit in Delaware federal court Tuesday, alleging the banks' online banking systems infringed three of the company's patents.

Menlo Park, Calif.-based Pi-Net International Inc. accused the banking giants of infringing its patents by offering online brokerage and banking services to its customers and allowing them to make transactions via their websites. The Pi-Net patents were issued between 1995 and 2012 to Pi-Net founder Lakshmi Arunachalam, according to the complaint....
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