Particle.news
Download on the App Store
9 ARTICLES
·
3w ago

Fintiv Files RICO Lawsuit in Georgia, Accusing Apple of Stealing Apple Pay Technology

It details how Apple used nondisclosure agreements to obtain CorFire’s trade secrets then leveraged major banks to monetize the technology through a racketeering enterprise.

A women uses an iPhone mobile device as she passes a lighted Apple logo at the Apple store at Grand Central Terminal in New York City, U.S., April 14, 2023. REUTERS/Mike Segar/ File Photo
Fintiv sues Apple over Apple Pay and trade secret claims
Did you know Apple is being sued for allegedly stealing everyone's favorite Apple Pay?

Overview

  • Fintiv’s complaint filed in the Northern District of Georgia on August 7 accuses Apple of violating federal and Georgia RICO statutes as well as trade secret laws, seeking compensatory and punitive damages.
  • The suit alleges that between 2011 and 2012 Apple obtained CorFire’s confidential mobile-wallet designs under NDAs and recruited key employees to build Apple Pay, which launched in 2014.
  • It portrays Apple’s partnerships with banks and payment networks including Bank of America, JPMorgan Chase, Visa and Mastercard as part of an informal racketeering enterprise that generated billions in fees.
  • Fintiv claims Apple Pay’s core features—secure element technology, NFC and trusted service management—were derived from CorFire innovations.
  • The complaint references a similar alleged scheme against Masimo involving Apple Watch blood-oxygen technology to support a pattern of trade secret misappropriation.