Document Security Systems, a small US technology firm, is suing the European Central Bank for an alleged unlicensed use of its anti-counterfeiting technology in printing euro notes.

The company claims that the ECB included patented technology among the security features used in euro banknotes. The suit was filed with the European Court of First Instance, based in Luxembourg, and is thought to be both the first case of its kind against the ECB and the first patent law case filed in the court, which handles cases against European Union institutions.

The lawyer representing DSS, Larry Cohen, said that the company is seeking to collect fees that would have been paid had the ECB entered into a reasonable royalty agreement with DSS for the use of its technology. Mr. Cohen said that the damages could run into the millions of dollars.

The An ECB spokesman said that the bank was aware of the lawsuit but had no comment on the issue. The case is not expected to be heard until late next year at the earliest. Meanwhile, DSS is contemplating legal action against other central banks it believes is using its technology illegally. Shares in DSS rose to a one-year high of $9.55 after the lawsuit was announced on August 1, and were trading at around $9 at early afternoon on Wednesday.

Tags: ECB: European Central Bank News, European Union News //