CR company ordered to pay $13M in patent case - KWWL - Eastern Iowa Breaking News, Weather, Closings

CR company ordered to pay $13M in patent case

CEDAR RAPIDS (KWWL) -- An eastern Iowa insurance company will have to pay about $13 million for infringing on another company's patent.

A federal jury returned the judgment recently against Cedar Rapids-based Transamerica Life Insurance Co., a subsidiary of Aegon.

Transamerica had asked that a 2006 patent held by Pennsylvania-based Lincoln National Life Insurance Co. be declared invalid.  The patent involves a computerized method for administering a variable annuity benefit plan.

The jury found the patent valid and ordered Transamerica and another Aegon company, Ohio-based Western Reserve Life Assurance Co., to pay 0.11% of $11.9 billion. The amount was based on assets in the companies' variable annuity products during the infringement period.

Online Producer:  JJ Murray

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