Legal News

Trans World vs. Financial Systems Innovation: It's on, again

By Richard Binder

Trans World, who owns the f.y.e. chain of music and video stores, filed a federal lawsuit in Albany on Sept. 22 asking for a judgment it didn?t infringe on the patent for an electronic system to process credit card and debit payments. They seek the court judgment in response to a threatened lawsuit by Financial Systems Innovation LLC, a firm in southern California that owns and licenses patents but, according to court papers, doesn't invent anything itself.

The parent company of FSI, Acacia Technologies Group, has been threatening Trans World with legal action since 2005 over the alleged patent infringement unless the music and video retail chain signs a licensing agreement. The two sides agreed to put aside their differences until the U.S. Patent and Trademark Office re-examined the patent. That review ended this summer, and FSI is once again demanding that Trans World pays to license the technology or they will sue.

Full story here.

Full post as published by Legal Pad | LA on September 23, 2009 (boomark / email).