Skip to main content

Apple (AAPL) - Get Apple Inc. Report and Visa (V) - Get Visa Inc. Class A Report are being sued by a small Boston company called Universal Secure Registry that is alleging the Apple Pay digital payment system violates its patents, the New York Times reports. 

The lawsuit was filed in a Federal District Court in Delaware and says Universal Secure Registry CEO Kenneth P. Weiss received 13 patents for authentication systems for making financial transactions.

Weiss claims that in 2010 he had a number of meetings with Visa officials to discuss coming together to work on the technology, he also says he wrote to Apple at the same time to license his technology.

Over on Real Money Jim Cramer give advice to investors looking at how to play the Trump Trade. Get his insights or analysis with a free trial subscription to Real Money.

TheStreet Recommends