Day: August 28, 2021

OFAC: ROMANIAN BANK AND U.S. PARENT COMPANY AGREE TO PAY $860,000 TO SETTLE IRAN AND SYRIA SANCTIONS VIOLATIONS

On 27 August, OFAC and, separately, KPMG reported that First Bank SA, located in Romania, and its US parent company, JC Flowers & Co, have agreed to remit $862,318 to settle potential civil liability for First Bank’s processing of transactions in apparent violation of OFAC’s Iran and Syria sanctions programmes in 2018.

https://home.kpmg/us/en/home/insights/2021/08/tnf-romania-bank-us-parent-company-settle-iran-syria-sanction-violations.html

https://home.treasury.gov/system/files/126/20210827_firstbank_flowers.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210827

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WHEN ARE INVENTORS ALLOWED TO ATTACK THEIR OWN INVENTIONS?

An article from Fenwick & West LLP on 27 August reported on a recent US Supreme Court case which addressed the situation where an inventor develops an invention, files a patent application and assigns the application for value to the company they founded. Then later, the inventor founds another company and develops an improved version of their original invention.  The inventor’s former company sues the inventor or the inventor’s current company for patent infringement.  In response, the inventor argues that the patent for the original invention is invalid.  Should the inventor be able to do so?  The case involved the doctrine of “assignor estoppel” — which bars the inventor assignor of a patent from denying the validity of their previously assigned patent.

https://www.jdsupra.com/legalnews/assignor-estoppel-when-are-inventors-6125006/