Banks' Web Security Systems Infringe: Suit

Law360, New York (May 14, 2008, 12:00 AM EDT) -- A Florida man has filed suit against more than two dozen of the nation's largest banks, including JP Morgan Chase & Co. and Bank of America NA, claiming their secure online banking services infringe his patent.

Leon Stambler of Parkland, Fla., filed the suit Monday in the U.S. District Court for the Eastern District of Texas, claiming the 29 defendants are infringing his patent for a method of keeping information secure in online transactions.

Among the defendants are major financial institutions including Citigroup Inc., UBS Financial...
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