Exec Order Seeks To Rein In So-Called 'Patent Trolls' As...
WASHINGTON-Pressured by the high tech and financial services lobby, President Obama issued an executive order last week aimed at reining in proliferating patent infringement litigation and called on Congress to take tougher steps to protect innovative high-tech businesses. The White House directed the U.S. Patent and Trademark Office to take five new actions that would help stem the rising tide of patent-related lawsuits tying up the court system. Many patent-holding companies, so-called "Patent Trolls," have no intention of ever developing products and have made a business model out of suing other companies for patent infringement, using their sometimes questionable patents as leverage to obtain licensing fees. The companies say they simply are exercising their rights as patent holders.
...One Company Agrees To Dismiss Claims Against CUs
WILMINGTON, Del.-Global technology vendor Serverside Group has agreed to dismiss patent infringement claims against several CUs and card service providers as part of a settlement of a suit over its card customization technology. Terms of the settlement are confidential but are believed to include payment of licensing fees by the defendants, according to sources involved in the two-year-old suit. In exchange, London-based Serverside has agreed to dismiss its patent claims against Credit Union1, Neighbors CU, Anheuser-Bush Employees' CU, PSCU, The Members Group, CIP Card Group, JHA Payment Processing, DimpleDough and Eastern Bank.
CDCUs To Study Shared Branching
BALTIMORE-The National Federation of CDCUs last week announced a new initiative to study the feasibility of their own shared branching network. The study is backed by a $250,000 grant from Citigroup's Citi Development will provide seed capital for the project, according to Cathie Mahon, executive director of the Federation. The study will review the need for accounting and other back-office assistance and capabilities, Mahon told members of the Federation during the opening of the Federation's annual convention. Mahon emphasized the shared branch project is still in its infancy. "This is really our first step," she said.
Becker Gets $1 Million Payout
ARLINGTON, Va.-NAFCU reported a slight decline in its net income for 2012, to $296,000, from $419,000 in 2011, due to increases in executive compensation. NAFCU reported it paid CEO Fred Becker a total of almost $1.1 million, which included $331,000 in accumulated retirement contributions. Becker, who is retiring next month after almost 14 years as NAFCU president, earned base compensation of $583,000 and was paid a bonus for 2011 of $126,500. Chief Lobbyist Dan Berger, who is poised to take over for Becker at NAFCU's Annual Conference in Boston next month, earned $410,000, which included base pay of $305,000 and an $83,000 retention bonus in 2012.
Webinar: Revenue on 'Steroids'
HARTFORD, Conn.-Insuritas is hosting a free webinar on its SmartCart technology on June 20 from 12-1 EDT. Titled "Revolutionary SmartCART Technology Puts Fee Income on Steroids," the "myth-busting" webinar will focus on features, functions and benefits of the SmartCART Technology that will forever change the way members interact with their bank or credit union online." For info: www2.gotomeeting.com/register/537147002.
Egan To Retire In December
SOUTHBOROUGH, Mass.-Dan Egan, who headed the Massachusetts CU League for 30 years, as well as the New Hampshire and Rhode Island leagues for the past two decades, announced last week he is retiring effective Dec. 13. Egan will be retiring as CEO of the three trade groups as well as New England Credit Union Services.
