Communications as a Service (CaaS) Industry News

TMCNet:  Realauction Fails to Invalidate Grant Street Group's Patent - Way Cleared for Trial

[December 12, 2012]

Realauction Fails to Invalidate Grant Street Group's Patent - Way Cleared for Trial

PITTSBURGH --(Business Wire)--

The United States Patent and Trademark Office (USPTO) has indicated its intention to affirm -- for the third time -- the validity of Grant Street Group's U.S. Patent No. 7,523,063 (the '063 Patent) pertaining to electronic auctions of financial and legal instruments. In a Notice of Intent to Issue a Reexamination Certificate issued on Monday, December 10, 2012, the USPTO announced that the patentability of the original claims of the '063 Patent are confirmed in their entirety.

This concludes the second exhaustive reexamination of the '063 Patent, which, like the previous one, was spawned by an attempt of Realauction to invalidate the '063 Patent before facing trial as a defendant in a patent infringement suit Grant Street Group filed against Realaution. If Grant Street prevails at trial, which is likely to be scheduled early in 2013, Realauction could be faced with a court-ordered injunction prohibiting further use of Realauction's infringing RealTaxLien and RealForeclose auction services.

"Given that our patent claims have now been thoroughly examined and affirmed by three different groups of patent examiners at different times over the past four years, I think we have proven beyond a doubt that they are both valid and enforceable," said Myles Harrington, President of Grant Street Group.

About Grant Street Group

Grant Street Group (www.GrantStreet.com) has been supplying software as a service to more than 3,800 government and financial institution clients since 1997. Grant Street is the world's largest internet auctioneer, conducting online auctions of bonds, notes, CDs, tax certificates, tax deeds, foreclosures and other financial and legal instruments with a value exceeding $12 trillion. Grant Street Group is also the nation's only supplier of fully-hosted tax billing, collection and cashiering software as a service, including e-payment processing.


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