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Promontory Interfinancial Network v. Anova Financial

Promontory Interfinancial Network v. Anova Financial

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Published by PriorSmart
Official Complaint for Declaratory Judgement in Civil Action No. 2:13-cv-00243-MSD-DEM: Promontory Interfinancial Network, LLC v. Anova Financial Corporation. Filed in U.S. District Court for the Eastern District of Virginia, the Hon. Mark S. Davis presiding. See http://news.priorsmart.com/-l88A for more info.
Official Complaint for Declaratory Judgement in Civil Action No. 2:13-cv-00243-MSD-DEM: Promontory Interfinancial Network, LLC v. Anova Financial Corporation. Filed in U.S. District Court for the Eastern District of Virginia, the Hon. Mark S. Davis presiding. See http://news.priorsmart.com/-l88A for more info.

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Published by: PriorSmart on May 03, 2013
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12/30/2013

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FILED
IN
THE
UNITED
STATESDISTRICT
COURT
FORTHE
EASTERNDISTRICT
OF
VIRGINIA
PROMONTORYINTERFINANCIAL
NETWORK,
LLC,Plaintiff,
v.
ANOVA
FINANCIALCORPORATION,
Defendant.
2013
APR
30
A&U2
CLERK
US
DISTRICT
COURTALEXANDRIA.
VIRGINIA
CivilAction
No.
£113
Wti
JURY
TRIAL
DEMANDED
COMPLAINTFOR
DECLARATORY
JUDGMENTAND
FOR
PATENT
INFRINGEMENT
PlaintiffPromontoryInterfinancialNetwork,LLC("Promontory")bringsthisaction
seekingdeclaratoryandinjunctivereliefanddamagesagainstDefendantAnovaFinancial
Corporation("Anova").AnovahasthreatenedtoassertagainstPromontorypatentsthat
Promontorydoesnotinfringe.Atthesametime,AnovaisinfringingPromontorypatents.
Promontorythereforeallegesforitscomplaintasfollows:
PARTIES
1.PlaintiffPromontoryInterfinancialNetwork,LLCisaDelawarelimitedliability
companywithitsprincipalplaceofbusinessat1515NorthCourthouseRoad,Arlington,
Virginia,22201.Promontory,whichwasfoundedin2002bybanking-industryleaders,provides
servicestothefinancialservicesindustry,including,amongotherthings,depositplacement
services.Promontoryemploysmorethan140personsatitsheadquartersinArlington,Virginia.
706419S85.2
 
2.
Defendant
Anova
FinancialCorporation
isa
corporation
organized
under
thelaws
of
the
state
of
North
Carolina
having
a
principal
place
of
business
in
Edenton,
North
Carolina.
Anova
isa
direct
competitor
of
Promontory
in
the
marketfor
depositplacement
services.
FACTUAL
BACKGROUND
TheParties'CompetingDepositPlacementServices
3.
Promontory
and
Anova
have
competed
in
themarket
for
providing
deposit
placementservices
to
financial
institutions.
In
general,theterm
"deposit
placementservice"
refers
toa
service
that
facilitates
the
placement
of
funds
held
in
customeraccounts
at
banks
or
broker-dealers
in
deposit
accounts
at
other
banks
that
are
members
of
theFederal
Deposit
InsuranceCorporation("FDIC").
4.
Promontory
offers
severaldepositplacementservices.
The
CDARS
service
facilitates
the
placement
of
large
deposits
in
certificates
of
deposit
at
participating
banks.
Each
certificate
of
deposit
is
issued
in
an
incrementthat
is
lessthanthe
standard
maximumdeposit
insurance
amount
("SMDIA")
for
"FDIC"deposit
insurance.
Asa
result,
the
entire
large
deposit
is
eligible
forFDIC
insurancecoverage.
The
ICS®
service
facilitates
the
placement
of
largebank
deposits
in
demand
deposit
accounts
or
money
market
deposit
accounts
at
participatingbanks,
in
amounts
lessthantheSMDIA,andthe
IND®
service
facilitates
the
placement
of
fundsfrom
accountsatbroker-dealersorothercustodialagentsindepositaccountsatparticipatingbanks,in
amountslessthantheSMDIAexceptatdesignatedexcessbanks.
5.TheservicesthatAnovaoffers(the"AnovaServices")areknownasthe
"Reciprocal
Exchange
DepositProgram"(hereafter"REDP"),
ANOVAFunds,
and
ANOVACore.
ThroughtheAnovaServices,Anovaplacesdeposits,inamountslessthanthe
706419585.2
 
SMDIA,at
banks
thataremembers
of
Anova's
network.The
AnovaServices
competeorhavecompeteddirectlywith
one
or
more
of
thePromontory
services.
6.
On
information
and
belief,
the
banks
participating
in
the
AnovaServicesinclude
or
have
included
one
or
morebanks
located
in
Virginia,
and,
on
information
and
belief,within
thisjudicialdistrict.
7.
On
information
and
belief,
depositors
of
funds
placedthroughthe
Anova
Services
include
or
have
included
one
or
more
depositors
located
in
Virginia,
and,
on
information
and
belief,withinthisjudicialdistrict.8.Oninformationandbelief,AnovaactivelymarketstheAnovaServicesto
Virginia
banks
through
a
Virginia
trade
association
located
within
this
judicial
district.
Anova's
ThreatsAgainstPromontory
9.Oninformationandbelief,AnovahasassertedthatPromontoryinfringesAnova's
patents,
and
has
threatened
an
infringementsuit
againstPromontory,
withthe
intent
and
expectationthat
such
assertions
and
threats
would
be
conveyed
to
Promontory.
10.
On
June
29,2012,
Stephen
Kinner,
a
SeniorManagingDirector
of
Promontory,
met
with
ThadWoodard,
President
and
CEO
ofthe
NorthCarolinaBankersAssociation.
WoodardaskedKinner
if
Promontory
wanted
to
buyAnova.
Kinner
asked
Woodard
ifhe
had
an
ownershipinterest
in
Anova.Woodard
statedthat
he
didnot,but
that
Anova
was
"birthed"
in
hisoffice.WoodardsaidthatKimWinslow,thePresidentandCEO
of
Anova,believedthat
Promontory
was
infringing
Anova's
patents
and
thatAnova
was
considering
filing
a
patent
infringement
lawsuit
against
Promontory.
Woodard
furthersaidthat
he
spoke
regularly
with
WinslowandthatitwouldbeagoodtimeforPromontorytopurchaseAnova.
706419585.2

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