Latest news with #CorFire
Time of India
3 days ago
- Business
- Time of India
Apple faces lawsuit over theft of mobile wallet technology claims
Apple 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. Oppo Pad SE | Budget Android Tablet with Practical Features AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 days ago
- Business
- Time of India
Lawsuit accuses Apple of stealing trade secrets to create Apple Pay
By Jonathan Stempel Apple has been sued by a Texas company that accused the iPhone maker of stealing its technology to create its lucrative mobile wallet Apple Pay . In a complaint made public on Thursday, Fintiv said Apple Pay's key features were based on technology developed by CorFire , which Fintiv bought in 2014, and now used in hundreds of millions of iPhones, iPads, Apple Watches and MacBooks. Apple did not immediately respond to requests for comment. Fintiv, based in Austin, Texas, said Apple held multiple meetings in 2011 and 2012 and entered nondisclosure agreements with CorFire aimed at licensing its mobile wallet technology, to capitalize on fast-growing demand for contactless payments. Instead, and with the help of CorFire employees it lured away, Apple used the technology and trade secrets to launch Apple Pay in the United States and dozens of other countries, beginning in 2014, the complaint said. Fintiv also said Apple has led an informal racketeering enterprise by using Apple Pay to generate fees for credit card issuers such as Bank of America, Capital One, Citigroup, JPMorgan Chase and Wells Fargo, and the payment networks American Express, Mastercard and Visa. "This is a case of corporate theft and racketeering of monumental proportions," enabling Cupertino, California-based Apple to generate billions of dollars of revenue without paying Fintiv "a single penny," the complaint said. In a statement, Fintiv's lawyer Marc Kasowitz called Apple's conduct "one of the most egregious examples of corporate malfeasance" he has seen in 45 years of law practice. The lawsuit in Atlanta federal court seeks compensatory and punitive damages for violations of federal and Georgia trade secrets and anti-racketeering laws, including RICO. Apple is the only defendant. CorFire was based in Alpharetta, Georgia, an Atlanta suburb. On August 4, a federal judge in Austin dismissed Fintiv's related patent infringement lawsuit against Apple, four days after rejecting some of Fintiv's claims, court records show. Fintiv agreed to the dismissal, and plans to "appeal on the existing record," the records show. The case is Fintiv Inc v Apple Inc, U.S. District Court, Northern District of Georgia, No. 25-04413.
Phone Arena
3 days ago
- Business
- Phone Arena
Did you know Apple is being sued for allegedly stealing everyone's favorite Apple Pay?
Apple is under serious fire, as a company called Fintiv has filed a lawsuit against it, and it's about the popular payment service Apple Pay. The accusations are serious: according to Fintiv, Cupertino has carried out large-scale corporate misconduct. The complaint centers on allegations that Apple misappropriated Fintiv's mobile wallet technology, describing the actions as theft and racketeering on an extraordinary scale. The lawsuit alleges that Apple obtained confidential trade secrets from Fintiv's predecessor, CorFire, during a series of meetings held as early as 2011 and 2012. During this time, Apple was under pressure to develop a mobile payment solution but lacked the internal capabilities to do claims that Apple approached CorFire under the pretense of exploring a business partnership. These discussions allegedly included in-depth technical exchanges, some of which involved sensitive information CorFire uploaded to a file-sharing platform maintained by Apple. – Fintiv representative for IPWatchdog, August 2025 After gaining access to CorFire's proprietary information, Apple reportedly ended the talks – the eventual partnership was called off – and instead used the acquired knowledge to create and launch Apple Pay in filing claims Apple misled CorFire into signing a non-disclosure agreement (NDA), which it then used to access and leverage CorFire's secure element and mobile wallet technologies – previously guarded as trade secrets – without authorization. Fintiv also contends that Apple went on to build a network of partners, including credit card processors and banks, to profit from Apple Pay. The complaint argues that Apple concealed its unauthorized use of CorFire's technology by promoting a false narrative that it was the sole developer of Apple Pay. Fintiv describes this as dishonest behavior, and if the accusations are confirmed in the court, it will be an lawsuit also claims that Apple has a history of misusing partnerships to get access to other companies' private technology. It points to similar situations with Masimo and Valencell, Inc., which focused on heart-monitoring tools. In both examples, Fintiv says Apple started partnerships but then used the companies' technologies in its own products. Marc Kasowitz, Fintiv's lead attorney from the firm Kasowitz LLP, called Apple's conduct one of the most serious examples of corporate wrongdoing he has encountered in his decades-long legal career. We'll be keeping an eye on this case and keep you posted.
The Hindu
3 days ago
- Business
- The Hindu
Lawsuit accuses Apple of stealing trade secrets to create Apple Pay
Apple has been sued by a Texas company that accused the iPhone maker of stealing its technology to create its lucrative mobile wallet Apple Pay. In a complaint made public on Thursday, Fintiv said Apple Pay's key features were based on technology developed by CorFire, which Fintiv bought in 2014, and now used in hundreds of millions of iPhones, iPads, Apple Watches and MacBooks. Apple did not immediately respond to requests for comment. Fintiv, based in Austin, Texas, said Apple held multiple meetings in 2011 and 2012 and entered nondisclosure agreements with CorFire aimed at licensing its mobile wallet technology, to capitalize on fast-growing demand for contactless payments. Instead, and with the help of CorFire employees it lured away, Apple used the technology and trade secrets to launch Apple Pay in the United States and dozens of other countries, beginning in 2014, the complaint said. Fintiv also said Apple has led an informal racketeering enterprise by using Apple Pay to generate fees for credit card issuers such as Bank of America, Capital One, Citigroup, JPMorgan Chase and Wells Fargo, and the payment networks American Express, Mastercard and Visa. "This is a case of corporate theft and racketeering of monumental proportions," enabling Cupertino, California-based Apple to generate billions of dollars of revenue without paying Fintiv "a single penny," the complaint said. In a statement, Fintiv's lawyer Marc Kasowitz called Apple's conduct "one of the most egregious examples of corporate malfeasance" he has seen in 45 years of law practice. The lawsuit in Atlanta federal court seeks compensatory and punitive damages for violations of federal and Georgia trade secrets and anti-racketeering laws, including RICO. Apple is the only defendant. CorFire was based in Alpharetta, Georgia, an Atlanta suburb. On August 4, a federal judge in Austin dismissed Fintiv's related patent infringement lawsuit against Apple, four days after rejecting some of Fintiv's claims, court records show. Fintiv agreed to the dismissal, and plans to "appeal on the existing record," the records show. The case is Fintiv Inc v Apple Inc, U.S. District Court, Northern District of Georgia, No. 25-04413.
The Sun
3 days ago
- Business
- The Sun
Apple sued for allegedly stealing tech behind Apple Pay
APPLE has been sued by a Texas company that accused the iPhone maker of stealing its technology to create its lucrative mobile wallet Apple Pay. In a complaint made public on Thursday, Fintiv said Apple Pay's key features were based on technology developed by CorFire, which Fintiv bought in 2014, and now used in hundreds of millions of iPhones, iPads, Apple Watches and MacBooks. Apple did not immediately respond to requests for comment. Fintiv, based in Austin, Texas, said Apple held multiple meetings in 2011 and 2012 and entered nondisclosure agreements with CorFire aimed at licensing its mobile wallet technology, to capitalize on fast-growing demand for contactless payments. Instead, and with the help of CorFire employees it lured away, Apple used the technology and trade secrets to launch Apple Pay in the United States and dozens of other countries, beginning in 2014, the complaint said. Fintiv also said Apple has led an informal racketeering enterprise by using Apple Pay to generate fees for credit card issuers such as Bank of America, Capital One, Citigroup, JPMorgan Chase and Wells Fargo, and the payment networks American Express, Mastercard and Visa. 'This is a case of corporate theft and racketeering of monumental proportions,' enabling Cupertino, California-based Apple to generate billions of dollars of revenue without paying Fintiv 'a single penny,' the complaint said. In a statement, Fintiv's lawyer Marc Kasowitz called Apple's conduct 'one of the most egregious examples of corporate malfeasance' he has seen in 45 years of law practice. The lawsuit in Atlanta federal court seeks compensatory and punitive damages for violations of federal and Georgia trade secrets and anti-racketeering laws, including RICO. Apple is the only defendant. CorFire was based in Alpharetta, Georgia, an Atlanta suburb. On August 4, a federal judge in Austin dismissed Fintiv's related patent infringement lawsuit against Apple, four days after rejecting some of Fintiv's claims, court records show. Fintiv agreed to the dismissal, and plans to 'appeal on the existing record,' the records show. The case is Fintiv Inc v Apple Inc, U.S. District Court, Northern District of Georgia, No. 25-04413. - Reuters
