Us Company Sues European Central Bank over Euro Notes
Platt, Gordon, Global Finance
UNITED STATES/EUROPEAN UNION
Just when currency traders thought the euro was about to get over its recent woes, the beleaguered single currency has fund itself in another crisis. This time, however, it's an identity crisis. In a lawsuit filed with the European Court of First Instance in Luxembourg, Document Security Systems, a Rochester, New York-based provider of products to prevent counterfeiting of currency and other vital records, says the ECB used its patented anti-counterfeiting technology without permission.
The company says the ECB should pay it a reasonable royalty for every euro banknote in circulation for infringing its European Patent 455750B1. The patent, which was granted in 1999, covers a method of protecting banknotes against forgeries by digital scanning and copying devices.
"Our patents are among our company's most valuable assets, and we have an obligation to protect them and a right to be paid when our technology has been used," says Patrick White, CEO of Document Security Systems. …