MoneyGuide Pro Asks Court To Let It Intervene In Financeware Patent Lawsuit
- Created: Wednesday, 02 November 2011 10:24
"We were initially agreeable to having Pie joining the case if it would be limited to UBS and Pie, but Pie refused. So they have had to file a motion to do so. If they agree with our trying to limit the case, we will be fine with them joining. Otherwise it will just be a bigger case and we have no intentions of expanding our case to the entire industry."
"Pie has stated that it has signed a contract obligating it to indemnify, so it is not surprising they honor their contractual obligation to indemnify," added Loeper. "Intervening in the suit is a way to do that."
In August, Financeware sued UBS for patent infringement stemming from UBS’s use of MoneyGuide Pro. Financeware claims to have invented a new method of financial advising and was granted several patents by the U.S. Patent Office. Last week, the FPA emailed its members saying it was concerned about whether the lawsuit preventing advisors from using the financial planning process with clients, and Financeware responded by saying its patent won’t prevent planners from providing planning services.