New NPE Sues Bank of America and Merrill Lynch
Pi-Net International [NPE] filed suit against Bank of America and Merrill Lynch, alleging that the defendants’ websites infringe three patents related to facilitating real-time financial transactions for online banking and brokerage. This is the first patent infringement suit initiated by Pi-Net. 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. 3/6, District of Delaware, 1:2012cv00280.