Lincoln's 201 patent was not invalid, and that Transamerica infringed and damages to the tune of $13.1 million be paid for patent infringement
Lincoln Financial Group (Lincoln Financial) has confirmed that a US District Court in Iowa has settled a decision in favour of Lincoln National Life Insurance. The court validated a jury’s decision in a patent infringement suit against Transamerica Life Insurance (Transamerica) and related Aegon USA companies -reported RTT News.
The Radnor, Pennsylvania-based provider of insurance and investment management business, stated that the favourable decision ruling related to a computerised method for administering variable annuity products, which coalesce guaranteed minimum payment features with systematic withdrawal programs.
According to the company, the judge, while upholding the jury’s decision, adjudged that Lincoln’s 201 patent was not invalid, and that Transamerica infringed and damages to the tune of $13.1 million be paid for patent infringement.
In February 2009, a jury adjudicated in favour of Lincoln National Life Insurance and against three Aegon USA companies, Transamerica Life Insurance, Transamerica Financial Life Insurance, and Western Reserve Life Assurance of Ohio.