On April 19, 2016, Rothschild Mobile Imaging Innovations, LLC (RMII) expects to declare a victory in its long-standing dispute with Mitek Systems, Inc. (Mitek) (NASDAQ:MITEK) over the validity and infringement of patents relating to mobile banking products and systems.
RMII owns a number of patents that cover mobile imaging products, platforms, and services that it alleges cover mobile-banking applications, products, and systems used by each of Mitek, JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp (NYSE: BAC), Citigroup Inc. (NYSE: C), Wells Fargo & Co. (NYSE: WFC), and related entities. RMII previously filed a lawsuit against these defendants in the Federal District Court of Delaware, and sought its damages, attorney’s fees and an injunction. See, e.g., Case No. 1:14-cv-00617. RMII alleged infringement of U.S. Patent Nos. 7,450,163, 7,456,872, 7,991,792, and 7,995,118, invented by Leigh M. Rothschild, and is represented by the Shore Chan DePumpo LLP law firm. The earliest filing date of the patents in suit is November 29, 2004.
Mitek agreed to indemnify the banking defendants and filed inter partes reviews (IPRs) against each of the patents in the litigations. The parties agreed to stay the district court proceedings pending the resolution of defendants’ inter partes reviews.
The inter partes review trials for the 7,991,792, 7,450,163, and 7,995,118 patents will conclude on April 19, 2016. According to the inventor and Managing Director of RMII, Mr. Rothschild, “RMII is very confident that multiple patent claims will emerge from inter partes review unscathed and insulated from challenge in the district court litigation. For that reason, RMII instituted negotiations with Mitek, but Mitek refused to mediate and refused to participate in settlement discussions. RMII intends to proceed with the IPR trial and expects that the value of its patents will increase significantly after conclusion of the IPRs as it relates to both Mitek and the banks.”
About Mr. Rothschild
Mr. Rothschild was first issued a patent more than 30 years ago and has since been issued more than 90 patents, both US and foreign. From October 1998 through February 2004, Mr. Rothschild was Chairman and founder of BarPoint.com, a NASDAQ publicly-traded wireless information company that was the leader and early creator of tying symbology such as barcodes and QR codes to the internet. He was Chairman and a Board Member of Connected Media Technologies, Inc., a publicly-traded intellectual property and digital media company from 2005 to 2006. Mr. Rothschild was also appointed to the High-resolution Board for the United States under former President George H.W. Bush and the IT Florida Technology Board under former Governor Jeb Bush. For more information regarding Mr. Rothschild, please visit http://www.intellectualventures.com/inventor-network/inventor-spotlights/leigh-rothschild/
Forward-Looking Statements
Some statements contained in this release may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission.
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Contacts:
Connie Kazanjian,
954-593-3359
connie@inventaur.com
