DALLAS - Entrust Inc. filed a patent infringement suit Wednesday against Addison Avenue FCU claiming the credit union giant implemented an online authentication system that infringes its grid authentication patent. The Entrust patent covers all methods for online log-on some form of grid authentication with or without an accompanying password. Entrust claims the $1.8 billion credit union deployed its online authentication technology without a license from Entrust. The suit was filed in U.S. District Court for the Northern District of California. An official with the credit union said they had no comment on the suit at this time.
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Lake Shore Bancorp in Western New York has reached a "standstill agreement" with the Stilwell Group, which has promised not to force a merger or sale in the next three years.
March 20 -
Swiss banking giant UBS Group received federal approval from the Office of the Comptroller of the Currency to convert its $1.6 trillion-asset UBS Bank USA from a Utah-chartered industrial bank to a national charter.
March 20 -
Early industry reaction to the Federal Reserve's Basel III proposals points to potential capital relief for banks, though stakeholders say the complexity of the changes makes their overall impact unclear.
March 20 -
Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.
March 20 -
CISA and Microsoft urge organizations to secure endpoint management systems as threat actors increasingly seek to disrupt operations with wiper malware.
March 20 -
Piermont Bank hired Dennis Day for a new executive role focused on payments; the American Bankers Association announced the global expansion of its widely used Fraud Contact Directory; MC Bankshares moved one step closer to finalizing its sale to an investor group; and more in this week's banking news roundup.
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