04 December 2016

ESpeed strikes back in TT patent case

11 January 2008  |  4371 views  |  0 chessboard

US electronic bond trading network eSpeed says a senior district judge has overturned a jury's verdict that earlier versions of its futures trading software infringed patents held by Trading Technologies (TT), in the latest move in the long-running patent-infringement lawsuit between the two companies.

In October TT claimed victory in the lawsuit after a jury ordered the Cantor Fitzgerald unit to pay it $3.5 million in damages.

But eSpeed says in a 3 January 2008 order, senior district Judge James Moran of the US District Court for the Northern District of Illinois ruled that no "reasonable" jury could find that it "wilfully infringed" TT's patented MD Trader technology.

In a statement eSpeed says it expects the judge to issue a subsequent ruling with respect to whether the $3.5 million damages awarded to TT should be reduced.

Howard Lutnick, chairman, CEO and president of eSpeed, says: "This decision clearly validates eSpeed's view that there had been no willful infringement by eSpeed in the case before the court, which addressed a minor three-year old matter involving earlier versions of eSpeed's software covering only the period of August to December 2004."

The lawsuit is one of more than a dozen filed by TT against brokerages and other vendors over patents related to its MD Trader product, the order-entry screen incorporated in TT's X_Trader software. Unlike eSpeed, the majority have settled with TT out of court.

However in August the US Patent and Trademark Office said it would re-examine and re-evaluate patents held by TT relating to the vendor's order entry system. ESpeed says this move reinforces it view that "TT's patent claims are unsupportable".

In separate move, the Financial Times is reporting that eSpeed COO Paul Saltzman - who is also acting chief executive of a new all-electronic futures trading exchange being established in the US by a consortium of banks and trading firms - is stepping down from both posts.

Saltzman was to lead the new electronic exchange, which is based on eSpeed technology. His surprise departure is seen by some analysts as an early blow to the plans for the exchange, which is set to compete with the Chicago Mercantile Exchange (CME), says the FT.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Financial firms to launch futures trading venture

Financial firms to launch futures trading venture

02 January 2008  |  6386 views  |  0 comments
TT patents to be re-examined

TT patents to be re-examined

09 August 2007  |  4941 views  |  0 comments
ESpeed gets summary judgment in TT patent case

ESpeed gets summary judgment in TT patent case

29 June 2007  |  4502 views  |  0 comments
TT facing patent challenge

TT facing patent challenge

16 April 2007  |  4325 views  |  0 comments
Espeed loses OMX patent appeal

Espeed loses OMX patent appeal

27 March 2007  |  4493 views  |  0 comments
Espeed claims victory in TT patent battle

Espeed claims victory in TT patent battle

07 November 2006  |  9190 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit contisgroup.comVisit capgemini.com

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6514 views comments | 23 tweets | 21 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5646 views comments | 15 tweets | 13 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5567 views comments | 16 tweets | 15 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
5557 views comments | 16 tweets | 20 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5536 views comments | 13 tweets | 12 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job