JPMORGAN CHASE BANK, N.A. v. BALLARD

C.A. No. 2018-0274-AGB.

213 A.3d 1211 (2019)

JPMORGAN CHASE BANK, N.A., individually, and on behalf of itself and other creditors similarly situated, Plaintiff, v. Claudio BALLARD, Keith DeLucia, Gary Knutsen, Shephard Lane, Peter Lupoli, Ira Leemon, John Kidd, Celestial Partners, LLC, Zaah Technologies, Inc., VEEDIMS, LLC, Potens Partners LLC, and DataTreasury Corporation, Defendants.

Court of Chancery of Delaware.

Date Decided: July 11, 2019.


Attorney(s) appearing for the Case

Gregory P. Williams and John D. Hendershot , RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware; Zachary G. Newman , Annie P. Kubic , and Steven R. Aquino , HAHN & HESSEN LLP, New York, New York; Attorneys for Plaintiff JPMorgan Chase Bank, N.A.

Michael A. Weidinger and Elizabeth Wilburn Joyce , PINCKNEY, WEIDINGER, URBAN & JOYCE LLC, Greenville, Delaware; Attorneys for Defendants Claudio Ballard, Keith DeLucia, Shephard Lane, Peter Lupoli, Ira Leemon, John Kidd, Celestial Partners, LLC, and VEEDIMS, LLC.

Andrew D. Cordo , ASHBY & GEDDES, PA, Wilmington, Delaware; Rachel A. Kerlek , WOODS, WEIDENMILLER, MICHETTI & RUDNICK, LLP, Naples, Florida; Attorneys for Defendant Gary Knutsen.


OPINION

In June 2005, JPMorgan Chase Bank, N.A., ("J.P. Morgan") and Data Treasury Corporation ("DTC") entered into a licensing agreement to settle a patent infringement lawsuit. In exchange for a license on DTC's check imaging patents, J.P. Morgan paid $70 million to DTC, subject to J.P. Morgan's right to receive a refund...

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