The suit was filed in the US District Court for the Northern District of Georgia: Island Intellectual Property LLC and Intrasweep v. Institutional Deposits Corporation (IDC).

The ’350 Patent, awarded to Island IP on May 19, 2009, is related to its sweep technology that enables banks to offer expanded FDIC insurance coverage through multiple banks while obtaining reciprocal deposits from a system of network banks based on the amount of funds the participating bank puts into the system, thereby keeping deposits on a bank’s balance sheet to fund loan demand.

“Enabling banks to offer expanded FDIC insurance with reciprocal deposits is quickly becoming the new standard in banking,” said Charles R. Macedo, Esq., a partner with Amster, Rothstein & Ebenstein LLP, which is representing Island IP.

“Island IP is proud of the innovations developed by the Double Rock Companies and will continue to protect its Intellectual Property.”

In 2009, Island IP was also awarded US Patent No. 7,509,286, “Systems and Methods for Money Fund Banking with Flexible Interest Allocation”, and US Patent No. 7,519,551, “Systems and Methods for Administering Return Sweep Accounts”.

Intrasweep LLC is a wholly owned subsidiary of Double Rock Corporation and an innovative bank servicing company dedicated exclusively to supporting the deposit and liquidity needs of banks and their customers.

Island Intellectual Property LLC, a wholly owned subsidiary of Double Rock Corporation, holds and manages the patents, patents pending and other Intellectual Property for Double Rock and its wholly owned subsidiaries and affiliated companies.

Double Rock Corporation is a leading cash management and financial technologies company providing the industry’s most innovative cash management and cash-related solutions to the bank, broker-dealer, qualified plan and retail direct spaces.