Charles Schwab, Wayfair New Targets of Credit Card Patent Suits

Wayfair LLC and Charles Schwab & Co. joined a growing list of high-profile companies hit with patent infringement allegations over contactless credit card technology by Induction Devices LLC.

Separate suits alleged Wayfair, Charles Schwab, Truist Bank, and Costco Wholesale Corp. infringed several patents covering circuits and memory related to high-frequency identification technology, according to complaints filed Tuesday in the US District Court for the Eastern District of Texas.

Induction has sued 23 other major companies in Texas federal court over the technology since August 2025, court records show. Defendants include Dick’s Sporting Goods Inc., Lowe’s Cos., JPMorgan Chase ...