Chicago-based Trading Technologies is claiming victory in a long-running patent-infringement lawsuit against electronic bond network eSpeed after a jury ordered the Cantor Fitzgerald unit to pay TT $3.5 million in damages.
The lawsuit was one of more than a dozen filed by Trading Technologies against brokerages and other vendors over patents related to its MD Trader product, the order-entry screen incorporated in TT's X_Trader software. Most have settled out of court for a nominal sum.
The jury trial against eSpeed was seen as critical in determining the validity of the TT patent and may yet pave the way for the Chicago-based firm to revive its demands for a slice of the profits made by the world's financial futures exchanges.
An eSpeed spokesman says the firm is reviewing the ruling - which applies to a six-month period in 2004 - before deciding whether to lodge an appeal. TT has declined to elaborate on the case.