Banks Face Lawsuit ‘Frenzy’ After Business Patent Reviews End

Lawsuits against banks and e-commerce companies over financial services patents are piling up, following the expiration of a patent office challenge process that many saw as a potent defense mechanism against some litigation.

Nearly three times as many patent suits have been filed against financial institutions such as JPMorgan Chase Bank NA and Bank of America Corp. since August 2020 as in the previous eight months, Bloomberg Law data show. E-commerce companies have also faced new patent suits.

The U.S. Patent and Trademark Office’s review program for patents on business methods related to financial products or services offered companies accused ...