Fintiv has recently initiated legal action against Apple, alleging that the tech giant illicitly acquired mobile wallet technology essential for the development of Apple Pay.

Kasowitz’s Representation and Claims

The lawsuit was filed by Kasowitz on behalf of Fintiv, accusing Apple of engaging in a series of criminal activities, including wire fraud and the misappropriation of trade secrets. These actions are alleged to be part of an extensive scheme aimed at appropriating Fintiv’s mobile wallet technology, which has significantly contributed to the success and revenue generation of Apple Pay.

Background on the Allegations

According to reports by Reuters, Apple is accused of seeking a business partnership with CorFire, Fintiv’s predecessor, in 2011 and 2012. During these meetings, Apple reportedly received confidential information under the terms of non-disclosure agreements (NDAs), with the aim of forming a licensing agreement for mobile wallet technology.

Key Features and Technological Ownership

The complaint states that Apple Pay’s key features are based on technology developed by CorFire, which Fintiv acquired in 2014. This technology is now integrated into several of Apple’s devices, including iPhones, iPads, Apple Watches, and MacBooks.

Enterprise Development and Financial Impact

Furthermore, Fintiv claims that Apple developed an enterprise with banks and payment networks to leverage the contested technology in processing transactions for Apple Pay. This alleged partnership is said to have generated substantial annual earnings for all parties involved.

The lawsuit also alleges that by modifying Apple Pay for use on four distinct categories of devices, Apple was knowingly exploiting Fintiv’s stolen technology globally, thereby repeating and compounding the theft in a worldwide market.