Payments firm Rocketfuel Blockchain sues co-founder over expired patents

Blockchain payments company Rocketfuel Blockchain is suing its co-founder for allegedly misrepresenting patent applications and defrauding the firm.

In a complaint filed with the Central District Court of California, Rocketfuel claimed its co-founder and former treasurer Joseph Page hid the fact that patents he transferred to the company had expired.

According to Rocketfuel, Page transferred patent applications to the company in March 2018, thereby relinquishing his rights to the patents.

These patents were for several payment processes for Rocketfuel's blockchain platform, including cryptocurrency user interface systems.

When B4MC took over the company, and started doing business as Rocketfuel, Page said the patents were being examined by the United States Patent and Trademark Office.

He demanded shareholders of Rocketfuel raise 4 million euros in capital to develop the technology described in the patents or pay him 100,000 euros and transfer the intellectual property back to him.

Rocketfuel alleged the patent applications had expired, and the company could no longer revive them.

Three of the five patents Rocketfuel now owned were considered abandoned between 2014 and 2017.

The company said Page admitted the patents expired in June 2019 but said this was due to Rocketfuel's inability to raise capital to use the technology.

They claim Page assigned the patents to Rocketfuel, and sought shares of stock in exchange, despite knowing these patents no longer had value for the firm.