Repeal of Glass-Steagall Act Sparks Insurance Industry Concerns

Insurance industry officials are warning that the repeal of the Glass-Steagall Act could lead to banks selling forms of life insurance, such as annuities, and are fighting for the continuation of the act despite efforts by some government officials, like House Banking Committee Chairman Jim Leach, to have it repealed. Meanwhile, a patent infringement lawsuit has been filed by Thorn EMI against Intel and AMD over the use of a patent related to DRAM technology. As the trial is expected to begin in 1996, Thorn EMI is seeking triple damages and an injunction.

Key Takeaways:

• Insurance industry officials are concerned that the repeal of the Glass-Steagall Act will allow banks to sell forms of life insurance, such as annuities.
• House Banking Committee Chairman Jim Leach is campaigning to have the Glass-Steagall Act repealed, eliminating obstacles between investment banking and commercial banking.
• Thorn EMI has sued Intel and AMD alleging infringement of a patent relating to DRAM technology.
• Thorn EMI is seeking triple damages and an injunction in the patent infringement lawsuit.
• Thorn EMI has retained the rights to the patent portfolio of Inmos, a semiconductor vendor that was originally granted US Patent No. 4,486,943 in 1985.
• Thorn EMI has previously pursued litigation relating to its patent portfolio, including proceedings against Hyundai.

Statistics:

• US Patent No. 4,486,943 was issued in 1985 to Inmos.
• Thorn EMI acquired Inmos in 1989 and retained the rights to its patent portfolio.
• The patent infringement lawsuit against Intel and AMD is expected to begin in 1996.
• Thorn EMI is seeking triple damages in the patent infringement lawsuit.

Sources:

• "Intel, AMD sued over chip patent". Terry Silveria (May 8, 1995)
• "Thorn EMI to Prosecute Patent Claims". (LONDON, ENGLAND, 1995 MAY 9)