A jury in Orange County unanimously ruled Friday against San Juan Capistrano-based InfoSpan Inc. in favor of Dubai-based Emirates Bank in a federal lawsuit.
InfoSpan, a technology company, sought $554 million, plus punitive damages, on trade secret misappropriation and misrepresentation claims. Global law firm Latham & Watkins LLP, defended Emirates Bank, and partner Dean Dunlavey, who works out of Latham’s OC office, was part of the winning team.
InfoSpan claimed it had invested $100 million developing a banking product called SpanCash, which would allow immigrant workers in the Middle East without bank accounts to send remittance payments to their family members using stored “value cards” and text messages. Value cards function like debit and gift cards.
The idea was that customers, mainly low-income people sending money to family and friends in other countries, could deposit money on the card and the person on the other end would have his or her own card to withdraw the money, according to a Latham spokesperson.
Emirates Bank maintained that InfoSpan defrauded the bank and actually had no functioning product or technology.
InfoSpan was represented by New York City-based Boies Schiller & Flexner LLP and Los Angeles- based Bird Marella Boxer Wolpert Nessim Drooks Lincenberg & Rhow PC.
