SAN FRANCISCO – An intellectual property firm that claims the patent on web-based financial transactions has filed patent infringement suits against eight California credit unions over the past week over technology allowing their members to make transactions via their websites.
In its suits, Menlo Park, Calif.-based Pi-Net International Inc. claims the credit unions are using technology patented by its owner Dr. Lakshmi Arunachalam between 1995 and 2012 and seeks monetary damages, including royalty fees, and injunctive relief.
Defendants in the new suits are: Inland Valley FCU, Cal Poly FCU, South Bay CU, 1st Commonwealth Central CU, My Credit Union, Media City Community CU, 1st Valley CU and San Jose CU.
Over the past year Pi-Net has filed over 35 similar patent suits, naming some of the biggest financial services providers as defendants, including JP Morgan Chas, Capital One, Bank of America, Sovereign Bank, Wilmington Trust, UBS Financial, as well as Avis Rent A Car, Budget Cars Rental, Dollar Thrifty Car Rentals, U-Haul International and Enterprise Holdings.
Lawyers for Pi-Net did not immediately return a phone call seeking comment.
Representatives at several of the credit union also did not return calls.