Double Rock Litigation Continues: Patent for FDIC Insurance Coverage for Sweep Technology Issued, Asserted
On May 19, 2009, U.S. Patent 7,536,350 was issued to Intrasweep, a subsidiary of Double Rock Corporation, and was immediately asserted:
Intrasweep LLC (”Intrasweep”) is pleased to announce that on Tuesday, May 19, 2009, the U.S. Patent and Trademark Office issued to its sister company, Island Intellectual Property LLC (”Island IP”), U.S. Patent No. 7,536,350, entitled “Systems and Methods for Providing Enhanced Account Management Services for Multiple Banks” (the “‘350 Patent”). The ‘350 Patent is related to its sweep technology that enables banks to offer enhanced FDIC insurance coverage through multiple banks with reciprocal deposits, thereby keeping deposits on a bank’s balance sheet to fund loan demand.
Intrasweep, Island IP, and Double Rock Corporation, the parent to both companies, filed a federal lawsuit on May 19, 2009, in the U.S. District Court for the Southern District of New York, seeking to enforce the ‘350 Patent: ISLAND INTELLECTUAL PROPERTY LLC, INTRASWEEP LLC, and DOUBLE ROCK CORPORATION v. DEUTSCHE BANK AG, DEUTSCHE BANK TRUST COMPANY AMERICAS, and TOTAL BANK SOLUTIONS, LLC.
“Intrasweep Enjoys Patent on Reciprocal Deposits Technology.” The patents and related litigation involve insured deposit products that allow financial service institutions to offer customers FDIC-insured, interest bearing demand accounts, with unlimited checking.
The 7,536,350 patent is a continuation-in-part of the 7,519,551, which was asserted in a April 14, 2009 Complaint, and will presumably be added to the action for patent infringement. According to the 7,519,551 Complaint, “One improvement developed by the principals of Double Rock for the insured deposit product was the ability to provide financial service intuitions with the ability to maintain more assets in the program within their own financial services infrastructure.”