The number of credit unions that have been hit by lawsuits alleging patent infringement keeps growing.
Among the victims are $4.9 billion Citizens Equity First Credit Union of Peoria, Ill., the $30 million Cherokee County Federal Credit Union in Rusk, Texas, the $740 million United Heritage Credit Union in Austin, Texas, the $79 million South Bay Credit Union in Redondo Beach, Calif. and $12.1 million Cal Poly Federal Credit Union in Pomona, Calif.
Experts who spoke with Credit Union Times said the number of demand letters demanding financial institutions pay up for a license to use technology that has become central to how they do business will increase. Lawsuits will too, with more actions targeting smaller financial institutions, credit unions included.
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