A Connecticut based technolgical company, XPRT Ventures LLC, has sued eBay for stealing information regarding payments process online, which was shared with the investors of the company. The company has stated that eBay has stolen payment systems from them, such has PayPal Later, and PayPal Buyer Credit.
According to the XPRT, it states that eBay in the year 2003 had filed a patent application called, Method and System to Automate of Commerce Transaction’, but it had failed to inform the US Patent and Trademark Office, as it knew about XPRT’s own patents.
The Officials, stated, that it is a clear state, of technology and trade secret theft, but still it is OK if any one can use someones technology but then patent it on its own name is illegal. On the other hand eBay has not commented on the issue.
The latest annual reports show that eBay earns around $2.8 billion from this payment system, which is 32% of its annual income. And XPRT has put a claim of not less than $3.8 billion as compensation, which has been based on its estimate value.