Visa Accused of Ripping Off Virtual Wallet Security Patents – Bloomberg Law

Visa Inc. stole ideas from four mobile-wallet patents after the financial services giant met with an e-commerce payment platform about a potential business deal, a lawsuit filed Thursday alleged.

Cortex MCP Inc. accused Visa of copying its technology that lets users “store their credit cards and identification and conduct transactions on their mobile devices while safeguarding their personal identifying information,” according to the complaint.

The suit said Visa violated US Patent Nos. 9,251,531, 9,954,854, 10,749,859, and 11,329,973 following a 2013 meeting between a Visa software unit and Cortex that should’ve been covered by a nondisclosure agreement. …