Maxim Integrated Products targets top banks with patent lawsuits

Reuters News
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Posted: Mar 23, 2015 7:06 PM

By Andrew Chung

NEW YORK (Reuters) - Several major banks were hit on Monday with lawsuits filed by California-based analog circuits maker Maxim Integrated Products Inc alleging their smartphone banking apps infringe the company's patents.

The complaints were filed against M&T Bank Corp and the U.S. affiliates of HSBC Holdings Plc and Banco Santander SA in federal court in Manhattan, alleging the banks' apps, when downloaded to Android devices and Apple Inc products such as the iPhone, use the patents without permission.

The patents cover various technologies that secure data, including encryption for mobile financial transactions.

Maxim Integrated Products is seeking unspecified damages, as well as an order from the court blocking the banks from further infringing the patents.

HSBC declined to comment. Representatives from Maxim Integrated Products and the other banks were not immediately available for comment.

The cases are Maxim Integrated Products, Inc v. M&T Bank, HSBC Bank USA, National Association et al, and Santander Bank, National Association, Nos. 15-cv-2167, -2168, and -2169.

(Reporting by Andrew Chung; Editing by Alexia Garamfalvi and Andre Grenon)