ICAP Patent Brokerage to Auction Covenant Not to Sue Covering Patent Related to Fraud Protection in Online Transactions From Purple Leaf, LLC

CHICAGO, Aug. 10, 2011 /PRNewswire/ -- ICAP Patent Brokerage, a division of ICAP plc and the world's largest intellectual property and patent auction firm, today announced that it will offer a Covenant Not to Sue (CNS) from Purple Leaf, LLC covering US patent 7,603,311 and a related patent application. The Purple Leaf CNS will be available at ICAP's upcoming sealed-bid auction to be held on September 27, 2011. Pertaining to fraud protection in online payment transactions, the patent has a priority date of November 29, 1999 and is currently being litigated against, among others, Amazon.com, American Express, Citigroup, eBay, Google, JPMorgan Chase & Co., PayPal, PNC Bank, and SAP America.

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The patents and related applications disclose an invention that enables customers to make payments based on receiving remittance information without disclosing their private information. By hiding certain remittance data for online payments, payees can rest assured that account numbers or other sensitive financial data won't be disclosed or displayed in payment transactions made on the Internet. This technology is particularly valuable in the financial industry as it can help decrease profit leakage due to fraud, in addition to offering customers a secure and controlled payment system.

A CNS is an agreement drafted by a patent holder that comprises a promise not to sue the counterparty for infringement of some or all of the patent holder's patents, and has been recognized by the courts to be a license equivalent under certain circumstances. By allowing a litigation defendant to purchase a CNS anonymously through ICAP's auction process, ICAP provides defendants a unique opportunity to quickly and efficiently eliminate the uncertainty inherent in litigation without compromising their defense strategy in the event of an unsuccessful bid.

Starting today, ICAP Patent Brokerage will accept anonymous bids on the Purple Leaf CNS. To learn more about the assets available or to place a bid, contact Kevin Fiur at [email protected].

About ICAP Patent Brokerage

ICAP Patent Brokerage is a division of ICAP plc and the world's largest intellectual property brokerage and patent auction firm.

About ICAP

ICAP is the world's premier interdealer broker and provider of post trade services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets, equities and equity derivatives through voice and electronic networks. ICAP plc was added to the FTSE 100 Index on 30 June 2006. For more information go to www.icap.com.

SOURCE ICAP Patent Brokerage

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