TradeMaven pays $250,000 to settle TT patent lawsuit

TradeMaven pays $250,000 to settle TT patent lawsuit

Chicago-based TradeMaven has agreed to pay $250,000 to settle a patent infringement lawsuit brought by Trading Technologies (TT).

In a statement, TT says the suit against TradeMaven was resolved with the entry of a consent judgment finding infringement of its MD Trader technology by two versions of TradeMaven's Trade Window product and a system made for futures dealer Peregrine Financial.

TT says this is the first of fourteen consent judgments it has secured to include a settlement payment. Harris Brumfield, CEO of TT, says: "Over time, while the value that TT receives in settlements has to go up, TT is still willing to enter into settlement agreements that are mutually beneficial."

The TradeMaven payment is based on past futures volume of approximately 1,050,000 sides traded using the infringing trading screens since the patents were granted to TT.

TT has already secured a number of settlements and loyalty agreements with ISVs and broker-dealers including Nyfix, Patsystems, FFastFill, Advantage Futures, Kingstree Trading and Goldenberg Hehmeyer. In December the vendor also secured a consent judgement from UK futures broker Man Group.

Last year TT asked the four biggest futures exchanges for a share of their revenues in return for protection from patent lawsuits. The vendor estimates that over 50% of electronic volume on the world's top four futures markets goes through its X_Trader system.

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