Samsung Schemed at 2012 CES to Steal Mobile Wallet Secrets From Dynamics, Alleges Complaint

(in Pacer) in U.S. District Court in Manhattan. Samsung beckoned Dynamics CEO Jeffrey Mullin to leave his company’s CES booth on Day One of the show to meet with Samsung executives in a private Bellagio Hotel suite, said the complaint. Under a “duly executed” nondisclosure agreement signed at the Bellagio, Mullen “demonstrated Dynamics’s magnetic emulation technologies to Samsung personnel and discussed, pursuant to the NDA, how the technologies could be incorporated into a device,” it said. “At some point in time” after the Bellagio meetings with Mullen, Samsung began feeding the technological secrets, in violation of the NDA, to LoopPay, a Dynamics competitor that Samsung bought three years later (see 1502180051), it said. Without the Dynamics information Mullen disclosed to Samsung under the NDA, “neither LoopPay nor Samsung would have incorporated the magnetic emulation features into Samsung products that provide consumers with the ability to complete safe and secure financial and other transactions,” it said. “Dynamics is the rightful recipient and owner of at least the purchase price Samsung paid for LoopPay,” plus the “substantial revenue” directly related to the technologies Mullen disclosed at CES to Samsung under the NDA, it said. Samsung never publicly disclosed what it paid for LoopPay, but Dynamics believes it to be roughly $250 million, it said. Samsung didn’t comment Friday.