TKQP secures favourable judgment in multi-million dollar case

TKQP has obtained a favourable judgment in an appeal before the High Court in a long-running intellectual property dispute that spans more than a decade.

Representing one of Singapore’s largest banks – United Overseas Bank Ltd (UOB), joint managing partner Eddee Ng successfully argued for UOB’s liability to be limited to the interim award which UOB had already paid to the plaintiff, Main-Line Corporate Holdings.

The patent in question is the Dynamic Currency Conversion for Card Payment Systems, a currency conversion system which automatically detects the country of issue of a credit card, charge card or debit card. It then converts the transaction value from the currency of the country where the point of sale system is located to the currency of the credit card’s country of issue and presents both values to the cardholder for selection. UOB’s purchase of a similar system from the second defendant, First Currency Choice in 2001 marked the commencement of a series of law suits that span nearly 12 years.