Bloomberg Law
Sept. 15, 2020, 8:59 PM

Banks Fear Patent Lawsuit ‘Avalanche’ After Review Program Ends

Matthew Bultman
Matthew Bultman

Banks and credit card companies worry they could face more infringement lawsuits related to financial services patents after a U.S. Patent and Trademark review program expires.

Congress created the program, called covered business method (CBM) review, in the 2011 America Invents Act for challenging patents on business methods related to financial products or services. The patent office’s authority to take requests to review CBM patents sunsets Wednesday.

Banking, retail, and restaurant groups worry about looming litigation if Congress doesn’t move to extend the review program, which alleged infringers could use to attack patents. Owners of business method patents may be ...

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