IDI, Inc. (IDI) Receives Unfavorable Court Decision in TransUnion Patent Spat
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
IDI, Inc. (NYSE: IDI) announced that on August 18, 2016, the United States Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, issued an order in the Company’s pending litigation with TransUnion Risk and Alternative Data Solutions, Inc. (“TransUnion”) regarding a dispute over ownership of certain intellectual property previously created by IDI Chief Science Officer Ole Poulsen and currently being used to power TransUnion’s competitive product. The litigation relates to certain intellectual property created by Mr. Poulsen as a founder of competitor TLO, LLC. TransUnion acquired substantially all of the assets of TLO, LLC in December 2013. The Court’s order, among other things, deemed the intellectual property in dispute to be owned by TLO, LLC and, thus, acquired by TransUnion.
Following the Court’s order, CEO Derek Dubner stated, “While we are disappointed with the Court’s ruling, our primary focus remains on serving our customers with our newly-developed, proprietary technology platform, CORE™, and this ruling will have no bearing on our ability to serve customers. We are seeing extraordinary demand for our newly-released investigative product, idiCORE™, and we are working aggressively to evolve the product to meet demand across multiple verticals. While this case began as a dispute over ownership and TransUnion’s continued use of intellectual property developed by Mr. Poulsen at a previous company, it became readily apparent that this action was clearly a part of a broader effort by TransUnion to use litigation to preserve TransUnion’s market position and to deter competition. We will explore all options, including filing an appeal.”
The case is TransUnion Risk and Alternative Data Solutions, Inc. v. The Best One, Inc. and Ole Poulsen, Case No. 13-20853, Adversary Proceeding No. 14-01793, United States Bankruptcy Court, Southern District of Florida, West Palm Beach Division.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Delphi Automotive (DLPH) to Take $300M Pre-Tax Charge Related to Summary Judgment in Unsecured Creditors Litigation
- US Foods (USFD) Names Dirk Locascio as CFO
- Rocky Brands (RCKY) CFO Resigns; Mike Staude Appointed Interim CFO
Create E-mail Alert Related CategoriesCorporate News, Litigation, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!