
Apple has been sued by a Texas company that accused the iPhone maker of stealing its technology to create its lucrative mobile wallet Apple Pay. Limited time: Save 25% on NBC News subscription Get exclusive reporting, live Q&As and ad-free reading. In a complaint made public on Thursday, Fintiv said Apple Pay’s key features were based on technology developed by CorFire, which Fintiv bought in 2014, and now used in hundreds of millions of iPhones, iPads, Apple Watches and MacBooks.
Main Idea: Apple has been sued by Fintiv, which says Apple stole trade secrets from CorFire to build Apple Pay.
Key Points:
A costly Apple-Pay court fight could raise legal costs and add uncertainty for banks, merchants, and consumers who rely on mobile payments.
If Fintiv proves its claims, companies may face stronger pressure to protect trade secrets and compete more fairly.
Rate how each entity in this article affected the American people.
Primary accused company in the lawsuit and central subject of the article.
Plaintiff company alleging Apple stole trade secrets and seeking damages.
Technology company whose alleged mobile wallet technology is at the center of Fintiv’s claims.
Named lawyer for Fintiv who comments on the case, but is not the main focus.
Named as one of the payment networks Fintiv says benefited from Apple Pay fees.
Named as one of the financial institutions Fintiv says benefited from Apple Pay fees.
Named as one of the financial institutions Fintiv says benefited from Apple Pay fees.
Named as one of the financial institutions Fintiv says benefited from Apple Pay fees.
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Sign in to commentNamed as one of the financial institutions Fintiv says benefited from Apple Pay fees.
Named as one of the payment networks Fintiv says benefited from Apple Pay fees.
Named as one of the payment networks Fintiv says benefited from Apple Pay fees.
Named as one of the financial institutions Fintiv says benefited from Apple Pay fees.