Top Banks Hit With Patent Suit Over Online Encryption

Law360, New York (December 16, 2008, 12:00 AM EST) -- TQP Development LLC has filed suit against a who's who of major banks, accusing them of infringing its patent for encrypted data transmissions over the Internet as they conduct billions of online transactions with their customers.

The lawsuit, filed Monday in the U.S. District Court for the Eastern District of Texas, accuses Merrill Lynch & Co. Inc., Bank of America Corp., Citigroup Inc., Goldman Sachs & Co., Morgan Stanley, the Royal Bank of Scotland Group PLC and TD Ameritrade Inc., among others, of unlawfully profiting from...
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