Lawsuit accuses Apple of stealing trade secrets to create Apple Pay

Apple Pay
A Texas company, Fintiv, has filed a lawsuit against Apple, alleging the tech giant stole its technology to develop Apple Pay. In a complaint disclosed Thursday, Fintiv claims Apple Pay’s core features stem from technology created by CorFire, acquired by Fintiv in 2014, and now utilized in hundreds of millions of iPhones, iPads, Apple Watches, and MacBooks.
Jonathan Stempel for Reuters:
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Fintiv, based in Austin, Texas, said Apple held multiple meetings in 2011 and 2012 and entered nondisclosure agreements with CorFire aimed at licensing its mobile wallet technology, to capitalize on fast-growing demand for contactless payments.
Instead, and with the help of CorFire employees it lured away, Apple used the technology and trade secrets to launch Apple Pay in the United States and dozens of other countries, beginning in 2014, the complaint said.
Fintiv also said Apple has led an informal racketeering enterprise by using Apple Pay to generate fees for credit card issuers such as Bank of America, Capital One, Citigroup, JPMorgan Chase, and Wells Fargo, and the payment networks American Express, Mastercard and Visa…
In a statement, Fintiv’s lawyer Marc Kasowitz called Apple’s conduct “one of the most egregious examples of corporate malfeasance” he has seen in 45 years of law practice.
The lawsuit in Atlanta federal court seeks compensatory and punitive damages for violations of federal and Georgia trade secrets and anti-racketeering laws, including RICO.

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MacDailyNews Take: It’ll be interesting to see how this case ends.

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