PROMONTORY ANNOUNCES RESOLUTION OF PATENT LITIGATION
ARLINGTON, VA (April 7, 2014) -- Promontory Interfinancial Network, LLC (“Promontory”) announced today that the patent infringement litigation between Promontory and Anova Financial Corporation (“Anova”) in the United States District Court for the Eastern District of Virginia has been settled. The confidential business resolution of the case involves no payment of money by Promontory and includes certain terms providing Anova freedom to operate in the deposit placement services field.
About Promontory Interfinancial Network, LLC:
Promontory Interfinancial Network was founded by leading figures in the banking industry to provide financial institutions with profit-enhancing solutions. The founders envisioned a network, composed of thousands of financial institutions, whose “synthetic size” would help each member institution to compete more efficiently. Today, Promontory’s network of participating institutions includes more than 3,000 members nationwide. These members use Promontory's services to acquire and retain large-dollar customer relationships, purchase funding, manage liquidity, reduce collateralization costs, and buy and sell bank assets.
Senior Vice President, External Affairs
Promontory Interfinancial Network, LLC