PNC Defeats USAA Banking Patent Behind $218 Million Verdict (1)

PNC Bank N.A. said it will use two favorable administrative rulings issued Thursday to attack a recent $218.5 million verdict against it for infringing four mobile-banking patents.

The Patent Trial and Appeal board invalidated claims in two patents asserted by United Services Automobile Association, the military focused-financial services company, against PNC and Wells Fargo & Co.. USAA had racked up three infringement verdicts in the US District Court for the Eastern District of Texas against the two banks totaling more than half a billion dollars.

The PNC trial resulted in a May 2022 jury finding that the bank …

Source: news.bloomberglaw.com