Reich & Tang Settles Litigation Dispute with Island Intellectual Property LLC and Double Rock Corporation
December 6, 2017- Reich & Tang announced today that they have settled all litigation related to their dispute with Island Intellectual Property, LLC and Double Rock Corporation. The parties reached an amicable resolution. While the details of the agreement remain confidential, Reich & Tang will receive a perpetual, non-exclusive license to access the Island IP’s intellectual property relating to its FDIC-insured sweep products, including the Demand Deposit MarketplaceSM program.
Reich & Tang offers the Demand Deposit MarketplaceSM program which is an automated, daily cash sweep solution that enables investors to achieve millions of dollars in FDIC insurance while maintaining daily liquidity. The program automatically allocates investor deposits among several banks participating in the program, wherein the deposits never exceed the maximum FDIC coverage of $250,000 per bank per tax identification number or other unique identifier.
About Reich & Tang
Since 1974, Reich & Tang has been offering innovative deposit and liquidity solutions to financial intermediaries and public and private investment entities. The firm is focused on creating, improving, and delivering smarter ideas to help banks, brokerages, trust managers, advisors, and public and private sector clients to seamlessly integrate and maximize the value of their deposit, liquidity, and short-term investment programs. This singular focus across multiple business lines combines to form a unique perspective and expertise that provides a deeper insight into the multiple disciplines of cash management.