A Texas company has filed suit against Financial Engines, claiming patent infringement and asking the court to place a permanent injunction on the software supporting its managed account services.
GRQ Investment Management is claiming that Sunnyvale, California-based Financial Engines, the largest independent provider of managed accounts to 401(k) plans, has built its massive book of business on the back of two patents owned by two authors, one of whom helped Financial Engines founder William Sharpe develop his business plan in 1996.
Financial Engines said it plans to "vigorously defend" itself against the allegations.
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