Apple faces lawsuit over theft of mobile wallet technology claims
is reportedly facing a lawsuit from Texas-based Fintiv, which claims the tech giant misappropriated proprietary technology to build its mobile payment platform, Apple Pay. The complaint, filed in federal court in Atlanta and made public on Thursday (August 7), accuses Apple of leveraging innovations originally developed by CorFire—a company Fintiv acquired in 2014—to power Apple Pay across its ecosystem of iPhones, iPads, Apple Watches and MacBooks.
As per a report by news agency Reuters, Fintiv claims that Apple held multiple meetings with CorFire in 2011 and 2012, entering into nondisclosure agreements with the intent of licensing CorFire's mobile wallet technology.
Instead of formalising a deal, Apple allegedly recruited CorFire employees and used confidential information to launch Apple Pay in 2014, rolling it out in the US and internationally, the report says.
The complaint goes further, alleging that Apple orchestrated an informal racketeering scheme by using Apple Pay to funnel transaction fees to major financial institutions—including Bank of America, JPMorgan Chase, and Citigroup—as well as payment networks like Visa, Mastercard, and American Express.
Fintiv says Apple actions are 'corporate theft'
Fintiv's legal team described Apple's actions as 'corporate theft and racketeering of monumental proportions,' claiming the company has earned billions from Apple Pay without compensating Fintiv.
The lawsuit seeks both compensatory and punitive damages under federal and Georgia trade secret and anti-racketeering statutes, including the Racketeer Influenced and Corrupt Organizations Act (RICO). Apple is named as the sole defendant.
In June, Apple shareholders sued the company in a proposed securities fraud class action, accusing the tech giant of downplaying how long it needed to integrate advanced artificial intelligence (AI) into its Siri voice assistant, hurting iPhone sales and its stock price.
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