Financial Services Firm Stops Paying Royalties for Licensed Patents, Files DJ Actions Alleging Alice Invalidity
- December 2, 2016
Reich & Tang has filed six declaratory judgment (DJ) actions against former partner Double Rock Corporation and its subsidiary Island Intellectual Property LLC (Island IP), seeking a judgment that over 50 accounting patents held by Double Rock are invalid under Alice. The lawsuits stem from a dispute over a 2011 licensing agreement between the parties: in May 2015, Reich & Tang informed Double Rock that it would stop making license payments on the patents here at issue because they were purportedly directed to unpatentable subject matter. Double Rock subsequently filed a complaint against Reich & Tang in New York state court, seeking to force the financial services firm to continue making its payments until the patents either expired or were declared invalid.
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