A multioffice team of Greenberg Traurig, LLP intellectual
property (IP) litigators won a complete victory for The Charles
Schwab Corporation and TD Ameritrade, Inc. (Schwab) with a
May 16 judgment from the U.S. Court
of Appeals for the Federal Circuit that rejects Island Intellectual
Property LLC's (Island) bid to revive the patent infringement
claims it filed in 2021.
NEW
YORK, May 21, 2024 /PRNewswire-PRWeb/ -- A
multioffice team of Greenberg Traurig, LLP intellectual property
(IP) litigators won a complete victory for The Charles Schwab
Corporation and TD Ameritrade, Inc. (Schwab) with a May 16 judgment from the U.S. Court of Appeals
for the Federal Circuit that rejects Island Intellectual Property
LLC's (Island) bid to revive the patent infringement claims it
filed in 2021.
The federal circuit affirmed a rare decision from the U.S.
District Court for the Eastern District of Texas in which the court held that all the
claims in the three patents asserted by Island were invalid as
unpatentable under 35 U.S.C. §101. The federal circuit issued a
Rule 36 affirmance without opinion, only one week after the oral
argument.
"From the outset, we believed that Island IP's allegations were
meritless, and we are gratified that both the EDTX and the Federal
Circuit agreed," said Scott J.
Bornstein, who led the Greenberg Traurig team in the matter.
Bornstein is senior vice president of Greenberg Traurig, co-chair
of the firm's Global Intellectual Property & Technology
Practice and the Global Patent Litigation Group, and co-managing
shareholder of Greenberg Traurig's New
York office.
Island filed the lawsuit against Schwab in 2021, alleging that
the company infringed five patents generally relating to aggregated
deposit accounts. Island dropped two of the patents in view of
Schwab's substantial defenses but elected to continue litigating
the remaining three patents.
The suit against Schwab was one of many lawsuits filed by Island
in the last 15 years against various prominent financial services
companies asserting infringement of the patents-in-suit. After
concluding that the assertions by Island were without merit, Schwab
chose to defend itself rather than settle.
On July 15, 2022, Schwab moved for
summary judgment of invalidity, asserting that Island's three
remaining patents were invalid because they do not claim
patent-eligible subject matter. On Sept.
28, Magistrate Judge Payne issued a Report and
Recommendation granting Schwab's motion for summary judgment
in its entirety. On Nov. 17, 2022,
the court overruled Island's objections to the Report and
Recommendation and ordered that Schwab's motion for summary
judgment be granted, invalidating all asserted Island patent
claims.
"In doing so, the court held that 'the only technical aspect of
the claims relates to generic computer functionality, not any
technical issue outside the realm of [the claims'] abstract ideas,'
validating that Island's patents did not describe any patentable
improvements. I am pleased that we persuaded the district court and
federal circuit that they were correct," said Greenberg Traurig
Shareholder Nicholas A. Brown, who
argued the appeal May 9.
The Greenberg Traurig team in the matter also included
Shareholders Julie P. Bookbinder,
Richard C. Pettus, and Stephen M. Ullmer; Of Counsels Janis E. Clements, Elana
B. Araj, and Vimal M.
Kapadia; and Associates Danielle
Zapata and Maja E. Sherman.
Local counsel was Melissa R. Smith,
a partner at Gillam & Smith, LLP.
About Greenberg Traurig: Greenberg Traurig, LLP has more than
2750 attorneys in 47 locations in the
United States, Europe and
the Middle East, Latin America, and Asia. The firm is a 2022 BTI "Highly
Recommended Law Firm" for superior client service and is
consistently among the top firms on the Am Law Global 100 and NLJ
500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The
Diversity Lab. The firm is recognized for powering its U.S. offices
with 100% renewable energy as certified by the Center for Resource
Solutions Green-e® Energy program and is a member of the U.S. EPA's
Green Power Partnership Program. The firm is known for its
philanthropic giving, innovation, diversity, and pro bono. Web:
http://www.gtlaw.com.
Media Contact
Leslie Kraft Burke, Greenberg
Traurig, +1 954.468.1770, kraftburkel@gtlaw.com,
https://www.gtlaw.com/en
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content:https://www.prweb.com/releases/greenberg-traurig-prevails-as-federal-court-affirms-island-ip-v-td-ameritrade-et-al-judgment-in-patent-case-302151647.html
SOURCE Greenberg Traurig