Double Rock Sues StoneCastle
A press release entitled, "Island Intellectual Property Sues StoneCastle for $172 million," tells us, "Island Intellectual Property LLC, an affiliate of Double Rock Corp., ... filed a federal lawsuit against StoneCastle Cash Management LLC, StoneCastle Insured Sweep LLC, StoneCastle Partners, LLC., StoneCastle Financial Corp. (BANX), and StoneCastle Asset Management LLC, for patent infringement, unfair competition and misappropriation of trade secrets, breach of contract and breach of the covenant of good faith and fair dealing. The suit was filed in the U.S. District Court for the Southern District of New York." John Dellaportas, Partner at Kelley Drye & Warren LLP in New York and counsel to the plaintiff, comments, "As set forth in the Complaint, the defendants have willfully infringed Island IP's intellectual property rights. The complaint seeks $172 million in damages." The release explains, "Island Intellectual Property LLC is a wholly owned subsidiary of Double Rock Corporation and a patent holding company with approximately 60 patents covering various cash management aspects of banking and financial services. Double Rock Corporation is a leading cash management and financial technologies company providing some of the world's most innovative cash management and cash-related solutions to multiple industries." Bruce Bent II is President of Double Rock Corporation. Bent was previously with Reserve Management Corp., adviser of the infamous Reserve Primary Fund, which "broke the buck" in 2008.
