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Q&A with Michael Zoppo: Protecting IP Innovation in the Financial Services Sector

March 1, 2015

Q&A with Michael Zoppo: Protecting IP Innovation in the Financial Services Sector

March 1, 2015

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Fish Principal Michael Zoppo was interviewed by Metropolitan Corporate Counsel in the March 2015 article “Protecting IP Innovation in the Financial Services Sector.” Michael discusses his active patent litigation practice and unique expertise in financial services technology and patents.

MCC: You were tapped to lead the Financial/Business Services Thought Leadership Initiative at Fish. What is this initiative all about, and how does it add value to your clients?

Zoppo: At Fish, we have a deep understanding that financial services and financial technology clients are in a very unique position from an IP perspective because their technological revolution is ongoing and rapid. Not long ago, most trading activity was handled by pit traders who used quick thinking and good instincts to represent trades. Now, most trades are computer executed instantaneously, using algorithms designed by teams of Ph.D. computer scientists and mathematicians. Some of the most advanced IT technology is now in the financial services industry – and there is a ton of intellectual property held by clients who, until relatively recently, thought their business was outside the realm of patents. By assembling teams that have real-world experience in areas where our financial services clients work, we are able to walk into a client that has no patent policy whatsoever and set them on a course that identifies the IP in their organization and converts that IP into valuable business assets.

MCC: The financial services industry seems to be a hotbed of new technology right now. What changes have you seen in the past five years, and what overall trends are driving the industry?

Zoppo: One of the biggest changes I’ve seen is how financial services companies are using technology to interact with their customers. We have become a society that prizes speed and doing business on a mobile device but shuns phone calls and branch visits. To meet those demands, financial services providers often leverage existing technology, with the side effect that they see patent infringement actions from so-called non-practicing entities claiming to have patents on those existing technologies. For example, you can find a number of patent cases surrounding banks’ use of imaging technology to allow customers to deposit checks using cell phone cameras. Likewise, you’ll see a number of cases concerning exchanges’ and broker-dealers’ use of standard compression technology to transmit trade data.

Click here to read the full interview.

Attorney Bio

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Michael T. Zoppo | Principal

Michael T. Zoppo is a Principal in Fish & Richardson’s New York office. A registered patent lawyer, his practice focuses on the trial and appeal of patent cases, as well as related counseling in the areas of financial services, electrical/computer engineering, materials science,...

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