And the eyes have it--a $28 million investment

Article Abstract:

Sensar Inc (Moorestown, NJ) has received $28 million from such investors as Citibank, NCR, J.P. Morgan, and Lehman Brothers in a deal announced Nov 3, 1998. Sensar makes iris-scanning identification systems aimed at replacing bank PINs and picture IDs. Pres Tom Drury said the firm would use funds from the equity investment to test its system in banks in Japan, Germany, Brazil, Ireland, Spain, Malaysia, and Turkey in 1999. In Dec 1998, the first North American system will be installed. Citibank has been testing the system internally. The first financial institution to actually use the Sensar system is UK savings and loan Nationwide Building System. Sensar licenses its technology from IriScan Inc of New Jersey.

Comment:

Sensar Inc (Moorestown, NJ) receives $28 mil from a group of investors to develop its iris-scanning identification business

New Jersey, Receipt of funds, Optical Instrument and Lens Manufacturing, Optical Scanners, Abstract, SENSAR Inc.

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Fleet wants refund from Advanta

Article Abstract:

Fleet Financial Group has filed suit in Delaware business court against Advanta Corp. whose credit card business it bought last year. Fleet alleges that Advanta owes it more than $126 million because of Advanta's "misappropriations, material misrepresentations and breaches of the [sale] contract." Advanta claims that Fleet failed to submit the dispute to arbitration as stipulated in the agreement.

Commercial Banking, Legal issues & crime, Consumer Lending, Bank Credit Cards, Offices of Bank Holding Companies, Consumer Finance Institutions, Delaware, Bank Holding Companies, Consumer finance companies, Advanta Corp., ADVN, Quick and Reilly Inc., FLT

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