AuthWallet Patent Suit Against CIBC Should Be Axed, Judge Says

A Texas magistrate judge recommended dismissing AuthWallet LLC’s patent infringement lawsuit against CIBC Bank USA, finding the company lacks legal rights to the mobile transaction technology in question.

Magistrate Judge Derek Gilliland found that Texas-based AuthWallet’s predecessor didn’t exist when a patent assignment agreement was executed, according to a report filed Oct. 3. in the US District Court for the Western District of Texas. Gilliland ruled the agreement was void at the time, adding that AuthWallet didn’t exist when another agreement was executed concerning the technology. .

AuthWallet sued CIBC in March 2024, alleging the bank infringed US Patent No. ...