IDI, Inc. (IDI) Receives Unfavorable Court Decision in TransUnion Patent Spat

August 19, 2016 6:56 AM EDT
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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.

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