On May 29, 2020, a judge in the U.S. District Court for the Southern District of New York granted asset management firm StoneCastle’s motion to dismiss in the matter of Island Intellectual Property, LLC v. StoneCastle Asset Management LLC et al., finding that the patent claims are directed at a patent-ineligible abstract idea and that the complaint failed to state a trade secret claim.
The patent infringement and trade secret misappropriation dispute began in May 2019, when Island Intellectual Property alleged that StoneCastle infringed upon several patents related to a method for computerized management of fund transfers and account information across a multi-bank, multi-account depository system.
