Merrill Lynch, Others Face Data Security Patent Suit

Law360, New York (December 5, 2008, 12:00 AM EST) -- An individual inventor is taking on Merrill Lynch & Co. Inc., American Express Co. and several other major financial institutions in a patent infringement suit over the way they secure their online banking services.

Inventor Leon Stambler lodged a complaint in the U.S. District Court for the Eastern District of Texas on Thursday alleging about two dozen financial firms and several of their affiliates violated two of his patents related to securing information.

The patents, issued in August 1998 and October 1999, both describe a method...
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