SmartMetric announces patent case vs. Visa, MasterCard hearing date SmartMetric (SMME) received notice from the Federal Circuit Court that its motion for a ruling of infringement of its issued patent by Visa (V) and MasterCard (MA) will be heard in Washington DC on August 8th. SmartMetric in its pleadings before the court is also seeking a ruling in respect of damages and a prepaid royalty based on 25% of the economic savings that flow from the use of the SmartMetric patented technology by the payments cards companies. In earlier court filings the sum calculated and claimed by SmartMetric is $13.4B. At the center of the patent infringement litigation is the new chip cards now being introduced into the U.S.
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