Apple And Visa Sued By USR Over Alleged Violation Of Electronic Payment Patents

By Tomi Kilgore Markets MarketWatch Pulse

Universal Secure Registry LLC said Monday that it filed complaints against Apple Inc. and Visa Inc. for infringing on its patents for electronic payments and identity authentication. USR seeks unspecified damages. USR's complaint states that Chief Executive Kenneth Weiss was "the first in the space, and the secure payment technology that he developed goes right to the core of Apple Pay." Weiss said that he had approached Apple and Visa in 2010 about a partnership utilizing his technology, and made detail presentations of his patented technology. "USR has set forth facts in the complaint which we believe will lead to discovery that will support claims of willful infringement against both Apple and Visa," Weiss said. Apple's stock has rallied 32% year to date through Friday, while Visa shares have climbed 19% and the Dow Jones Industrial Average has gained 5.3%.

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