Ken Kaufman of CFOwise Pays $220,000.00
Federal Court rules to protect B2B CFO’s Intellectual Property, settlement ends lawsuit with former partner Kenneth Kaufman sued by B2B CFO for Copyright Infringement, Lanham Act violations, Federal RICO (Racketeering) violations, misappropriation of trade secrets, and breach of fiduciary duty.
Phoenix, AZ — June 12, 2012 In midst of widespread intellectual property misappropriation, Jerry L. Mills and B2B CFO are pleased to announce the settlement of their lawsuit against former partner Kenneth Kaufman and three of his entities, including CFOWise.
Jerry Mills and B2B CFO filed the lawsuit in 2009 against Kenneth Kaufman and three of his entities, including CFOWise, alleging copyright infringement, Lanham Act violations, Federal RICO violations, misappropriation of trade secrets, and breach of fiduciary duty. Kaufman, who was a partner in the firm, left B2B CFO to form CFOWise in 2007, but made the critical mistake of using copyrighted intellectual property owned by B2B CFO in his CFOWise business. In agreeing to settle the lawsuit, Kaufman not only paid $220,000 to B2B CFO, but he also admitted to his improper conduct. His full admission states:
Ken Kaufman Admits Violation of Federal Copyright Law
“By executing this Agreement, Defendant Kenneth A. Kaufman admits that he copied the intellectual property of B2B CFO, LLC and B2B CFO Partners, LLC, in violation of federal civil copyright law.”
Improper copying, like Kaufman’s, presents a growing problem in the United States. According to the United States International Trade Commission (USITC), a record high number of new intellectual property-related cases were filed during FY 2011. The vast majority of the investigations include patent infringement allegations, but complainants may also assert copyright, trademark, trade dress, trade secret or other intellectual property rights claims. The number of new section 337 investigations started in FY 2011 increased by 37 percent from FY 2010. As seen in the data for the last decade, this is the greatest number of new investigations instituted in any given year.
“We are pleased that the Federal Court upheld the validity of our intellectual property,” said Jerry L. Mills, founder and CEO of B2B CFO. “Intellectual property misappropriation is a serious problem in this country and businesses need to know how to protect themselves and understand the legal process which is very complex and can be quite costly.”