Another jury says Wells Fargo infringed on RDC patents
The Texas jury in a second lawsuit brought by USAA against Wells Fargo also determined that Wells Fargo had willfully infringed on USAA's remote deposit capture (RDC) technology patents. The first lawsuit – with a different jury – resulted in $200 million in damages; this most recent decision orders Wells Fargo to pay an additional $103 million in damages.
The first lawsuit dealt with autocapture technology, while this one dealt with broader patents, including the technology that reads the check to verify the routing/account numbers and the information submitted by the consumer.
While Wells Fargo has not formally requested an appeal in either lawsuit, the bank in December filed a motion with the U.S. District Court for the Eastern District of Texas asking the court to stay the judgement in the first case pending any post-judgment motions. While the bank still has not indicated whether it will appeal that decision, in another sealed motion, Wells Fargo has asked for a new trial in the first case. No motions have been made in the second case.
NAFCU is also monitoring a request from the vendor that provides Wells Fargo, and thousands of other financial institutions, with RDC technology for a federal judge in California to issue judgment that its technology does not infringe on USAA's patents.
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt previously discussed unresolved legal questions relating to RDC patent litigation in a message to member credit unions, noting that credit unions often "offer RDC to members through a vendor or third-party’s software."
The association will continue to actively monitor these lawsuits collectively and any open claims for potential implications on credit unions and encourages credit unions to review contracts with third-party vendors that provide RDC software to determine how indemnity is addressed. More information on RDC litigation is also available in a Compliance Blog post.
Add to Calendar 2020-06-30 00:01:00 2020-06-30 00:01:00 Preparing for the NAFCU Certified Bank Secrecy Officer (NCBSO) Designation NAFCU's Certified Bank Secrecy Officer (NCBSO) designation can only be obtained during NAFCU's Virtual BSA School. It's the ideal achievement for people like you who protect your credit union against money laundering threats. It also demonstrates to NCUA and FinCEN that you are dedicated to BSA compliance. Don't miss this opportunity to learn more about the NCBSO designation, its benefits andbest practices for exam prep. Join NAFCU’s Senior Regulatory Affairs Counsel Kaley Schafer for this short webcast on how best to prepare for the NAFCU Certified Bank Secrecy Officer designation. Key Takeaways Learn and review best practices to prepare for the NCBSO exam Explore the best use of study materials Learn about the study sessions Discover how to maximize your study time Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until June 30, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? BSA, AML, risk, auditing, legal, and operations staff Executive Management Credit Union Counsel Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. CPA Certification Credit Information Reviewer: Josie Collins, Education Manager, NAFCU Learning Objectives: Learn and review best practices to prepare for the NCBSO exam. Explore the best use of study materials. Learn about the study sessions. Discover how to maximize your study time. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Specialized Knowledge - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Get daily updates.
Subscribe to NAFCU today.