Island Intellectual Property Sues StoneCastle for $172 million

eTradeWire News/10522872
MANHASSET, N.Y. - May 24, 2019 - eTradeWire -- NEW YORK--Island Intellectual Property LLC ("Island IP"), an affiliate of Double Rock Corp., yesterday evening filed a federal lawsuit against StoneCastle Cash Management LLC, StoneCastle Insured Sweep LLC, StoneCastle Partners, LLC., StoneCastle Financial Corp. (BANX), and StoneCastle Asset Management LLC, for patent infringement, unfair competition and misappropriation of trade secrets, breach of contract and breach of the covenant of good faith and fair dealing. The suit was filed in the U.S. District Court for the Southern District of New York as ISLAND INTELLECTUAL PROPERTY LLC, Plaintiff, - against - STONECASTLE CASH MANAGEMENT LLC, STONECASTLE INSURED SWEEP LLC, STONECASTLE PARTNERS, LLC., STONECASTLE FINANCIAL CORP., and STONECASTLE ASSET MANAGEMENT LLC, Defendants.

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According to John Dellaportas, Partner at Kelley Drye & Warren LLP in New York and counsel to the plaintiff, "As set forth in the Complaint, the defendants have willfully infringed Island IP's intellectual property rights.  The complaint seeks $172 million in damages."

Island Intellectual Property LLC is a wholly owned subsidiary of Double Rock Corporation and a patent holding company with approximately 60 patents covering various cash management aspects of banking and financial services.

Double Rock Corporation is a leading cash management and financial technologies company providing some of the world's most innovative cash management and cash-related solutions to multiple industries.

Double Rock Corporation

Bruce Bent II


Double Rock Corporation
Bruce Bent II

Source: Double Rock Corporation
Filed Under: Banking

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