SmartMetric Patent Infringement Defendants Visa Inc and MasterCard
International Have Been Accused of Being a Duopoly by American
NEW YORK, NY -- (Marketwired) -- 07/08/14 -- SmartMetric, Inc.
(OTCQB: SMME) -- American Express stated yesterday in Court filings
that Visa and MasterCard are a Duopoly. In its defense before the
Court in an antitrust case brought against it by the US Department of
Justice, American Express said that Visa and MasterCard are a duopoly
that have in the United States market, over 1 billion credit cards
The Government trial follows years of litigation by merchants against
card companies over fees. The Government says costs are largely
hidden from consumers and, amount to about $50 billion a year.
SmartMetric is suing both Visa Inc and MasterCard International for
patent infringement. In the payment card company's defense they have
stated they do not control the Visa and MasterCard cards issued in
the United States. SmartMetric has presented evidence to the court
that in fact they do control the cards that are at the heart of the
SmartMetric infringement law suit brought against both payment card
giants, said SmartMetric President & CEO, Chaya Hendrick.
The SmartMetric, Inc vs. Visa Inc and MasterCard International patent
infringement case will be heard on August 8th before the US Federal
Circuit Court in Washington, DC.
SmartMetric, in its motions before the court, is seeking a ruling of
infringement against both Visa and MasterCard and is asking the court
to award SmartMetric 25% of the economic value attributed from the
savings from fraud created by the use of the SmartMetric claimed
technology by the payments card companies. In total SmartMetric is
claiming $13.4 Billion from both Visa Inc and MasterCard
SmartMetric is a publicly traded technology company that has added a
fingerprint scanner built inside EMV payment credit and debit chip
cards thereby creating a second layer biometric authentication
protection in defending against card fraud. The company is now
actively marketing its technology to card issuing financial
institutions around the World.
About SmartMetric, Inc.
SmartMetric, Inc. is a technology company
that designs and engineers its own advanced products
company's expertise in miniaturizing electronics. The company has
developed a miniature fingerprint self powered fingerprint scanner
and reader that fits inside credit and identity cards that are at the
center of SmartMetric Inc.'s advanced biometric products. For more
information please visit www.smartmetric.com.
Safe Harbor Statement
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are within the meaning of that term in Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those indicated in the forward-looking statements as a result of
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