It wouldn't be America without frivolous lawsuits. One of the most notorious offenders was Joao Bock Transaction Systems, which waged a ten year long war on the banking community. Defendants had often complained that Joao Bock was a "non-practicing entity which [did not] actually make the patented product". Luckily for the banking world, Joao Bock's long run of lawsuits came to an end when they lost against Jack Henry & Associates and were forced to pay out a significant amount of attorney's fees. Shortly after this loss, Joao Bock declared bankruptcy.
However, don't shed a tear for Joao Bock yet. Raymond Anthony Joao, the mastermind behind the now-bankrupt company, is alive and well. In the past two years, he has obtained four issued patents in the sports betting area, with more applications on the way. Any player in sports betting should be wary of a potential lawsuit.
