Lawsuit Alleges PNC Built Payments Product with Stolen Trade Secrets

American Banker

“About a year ago, PNC Financial Services Group launched an online portal that’s designed to eliminate paper-based payments for companies in the middle of a merger or acquisition. PNC Paid is part of a suite of corporate finance products and services that the Pittsburgh company offers and has described as being unique in the banking industry. But now a Denver-based competitor is alleging that PNC Paid was built on stolen trade secrets. The aggrieved company, SRS Acquiom, wants not only monetary damages from the $410 billion-asset PNC, but also a court order that would essentially force the bank to rebuild its product from scratch.”