NPE Sues JP Morgan Chase, M&T Bank, and Wilmington Trust
Pi-Net International [NPE] filed two separate suits against JP Morgan Chase, M&T Bank, and Wilmington Trust, alleging that the defendants’ websites infringe three patents related to facilitating real-time financial transactions for online banking and brokerage. Pi-Net filed one prior suit in March 2012 against Bank of America and Merrill Lynch. Dr. Lakshmi Arunachalam is the president of Pi-Net and the named inventor on the patents-in-suit. Two of the patents-in-suit were issued to Arunachalam in October 2011 and January 2012 respectively, and were assigned to Pi-Net by WebXchange on March 5, 2012. According to Arunachalam’s LinkedIn profile, she is also the President and CEO of WebXchange. In March 2008, WebXchange filed three patent infringement suits against Allstate, Dell, and FedEx, and was subject to an action for declaratory judgment filed by Microsoft in November 2008. 3/7, District of Delaware, 1:2012cv00281; 1:2012cv00282.