Island IP Is Issued Another Patent and Commences Patent Infringement Action against Clearview, Scott & Stringfellow and BB&T

NEW YORK--(BUSINESS WIRE)-- Island Intellectual Property LLC ("Island IP"), which owns and manages intellectual property for Double Rock Corporation, its subsidiaries and affiliates, is pleased to announce that on April 26, 2011, the U.S. Patent and Trademark Office issued to Island IP U.S. Patent No. 7,933,821, entitled "Systems and Methods for Administering Return Sweep Accounts" ("the '821 Patent"). The '821 Patent is generally related to innovative systems and methods developed by the principals of Island IP to provide expanded FDIC sweep programs which allow source institutions to maximize the amount of deposits held on the books of the same institution and/or affiliated institutions, but still allow client funds to receive enhanced insurance.

The '821 Patent is another innovative technology developed by Island IP to increase profitability and desirability of the FDIC sweep category.

Island IP filed a federal lawsuit on April 26, 2011 in the U.S. District Court for the Eastern District of Virginia seeking to enforce the '821 Patent - Docket No. 1:11cv448-LO/TRJ, ISLAND INTELLECTUAL PROPERTY LLC v. CLEARVIEW CORRESPONDENT SERVICES, LLC, SCOTT & STRINGFELLOW, LLC, and BRANCH BANKING & TRUST COMPANY.

"The '821 Patent is further recognition of the innovative contributions made by the principals of Island IP in the FDIC-insured deposit sweep space," says Charles R. Macedo, a partner with Amster, Rothstein & Ebenstein LLP, which represents Island IP and Double Rock's companies. "The addition of the '821 Patent to Island IP's extensive portfolio of issued patents and pending applications further enhances the value that Island IP's licensees receive in the FDIC-insured deposit sweep space."

Previously, Island IP (and its affiliates) have brought other patent infringement actions to enforce their patent rights in New York and Georgia. All those actions, except with respect Deutsche Bank Trust Company Americas and Total Bank Solutions LLC have been resolved.

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Double Rock Corporation is a leading cash management and financial technologies company providing the industry's most innovative cash management and cash-related solutions.

Island Intellectual Property LLC, a wholly owned subsidiary of Double Rock Corporation, owns and manages the intellectual property of Double Rock Corporation, its subsidiaries and affiliates related to deposit sweep products.

Island Intellectual Property LLCMark Benson, 212-401-5780
[email protected]

Source: Island Intellectual Property LLC