Debt Resolve says court decision upholds its patent
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- December
- 7
Debt Resolve Inc. of White Plains said today that the U.S. Federal District Court in New Jersey has upheld the company’s patent on its system for settling consumer debts online.
The patent infringement case was between another company, Cybersettle of White Plains and a third company, National Arbitration Forum. Debt Resolve is involved because it has rights under the same patent as Cybersettle. Cybersettle’s rights are for insurance and Debt Resolve’s are for settlement of consumer debt.
National Arbitration Forum, based in Minnesota, is in the business of settling disputes concerning consumer and commercial debt.
James D. Burchetta, chairman and chief executive of Debt Resolve, said the court’s decision enhances his company’s position as the “undisputed leader in online debt collection.�
Debtors who use Debt Resolve’s patented system make offers that settle their debt more than 50 percent of the time, the company said.
The case involved a dispute over U.S. Patent No. 6,330,551. The company’s business is also protected by U.S. Patent Nos. 6,954,741 and 6,850,918. To see the patents, go to the U.S. Patent & Trademark Office on the Web (www.uspto.gov).
Debt Resolve, which was founded in 2003, raised $12.5 million through an initial public offering on Nov. 1 on the American Stock Exchange.
Its shares closed at $4.14 yesterday, down 16 cents, or 3.72 percent.
This entry was posted
on Thursday, December 7th, 2006 at 6:51 pm by Julie Moran Alterio.
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Category: Corporate doings, In the courts
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