Bank Of America, Visa Hit With Patent Suit

Law360, New York (February 16, 2007, 12:00 AM EST) -- A patent-holding company has filed a lawsuit against Bank of America Corp. and Visa U.S.A. Inc., claiming their debit card program that automatically allows customers to deposit money into their savings accounts infringes one of its patents.

Every Penny Counts Inc. claims that Bank of America’s “Keep the Change Program” infringes its patent for a system that creates and distributes excess funds from consumer spending transactions.

“Rather than entering into a licensing agreement, defendants knowingly and intentionally infringed upon the rounder patent causing significant damage,” Every...
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