Published:
Intrasweep Files Suit Against IDC to Protect its Innovative Bank Sweep Technology
NEW YORK - (BUSINESS WIRE) - Island Intellectual Property LLC ("Island IP" ), an affiliate of Intrasweep
LLC, yesterday filed a federal lawsuit to enforce Patent No. 7,536,350, "Systems
and Methods for Providing Enhanced Account Management Services for
Multiple Banks" (the "'350 Patent" ). The suit was filed in the U.S.
District Court for the Northern District of Georgia: ISLAND INTELLECTUAL
PROPERTY LLC and INTRASWEEP LLC v. INSTITUTIONAL DEPOSITS CORP. ("IDC" ).
The '350 Patent, awarded to Island IP on May 19, 2009, is related to its
sweep technology that enables banks to offer expanded FDIC insurance
coverage through multiple banks while obtaining reciprocal deposits from
a system of network banks based on the amount of funds the participating
bank puts into the system, thereby keeping deposits on a bank's balance
sheet to fund loan demand.
"Enabling banks to offer expanded FDIC insurance with reciprocal
deposits is quickly becoming the new standard in banking," said Charles
R. Macedo, Esq., a partner with Amster, Rothstein & Ebenstein LLP, which
is representing Island IP. "Island IP is proud of the innovations
developed by the Double Rock Companies and will continue to protect its
intellectual property."
In 2009, Island IP was also awarded U.S. Patent No. 7,509,286, "Systems
and Methods for Money Fund Banking with Flexible Interest Allocation" ,
and U.S. Patent No. 7,519,551, "Systems and Methods for Administering
Return Sweep Accounts" .
Intrasweep LLC is a wholly owned subsidiary of Double
Rock Corporation and an innovative bank servicing company dedicated
exclusively to supporting the deposit and liquidity needs of banks and
their customers.
Island
Intellectual Property LLC, a wholly owned subsidiary of Double Rock
Corporation, holds and manages the patents, patents pending and other
intellectual property for Double Rock and its wholly owned subsidiaries
and affiliated companies.
Double Rock Corporation is a leading cash management and financial
technologies company providing the industry's most innovative cash
management and cash-related solutions to the bank, broker-dealer,
qualified plan and retail direct spaces.
Double Rock Corporation
Frank Bonanno, 212-401-5750
media@doublerockcorp.com
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