Instinet facing $300 million in damages claims

Instinet facing $300 million in damages claims

Instinet and its ProTrader subsidiaries have been hit with lawsuits seeking $300 million in damages amid competitor allegations of discriminatory pricing and trade mark infringement.

The legal claims are revealed by Instinet parent Reuters in its annual report. They have been filed by rival ECNs Archipelago and Redibook, and NexTrade Holdings.

Archipelago and Redibook are accusing Instinet of unfair pricing, conspiracy to restrain trade and attempted market monopolisation. They are seeking damages of $71 million to $213 million. The action is a counterclaim against an earlier $11 million suit by Instinet acquisition Island claiming breach of contract and unpaid subscriber fees.

"Instinet intends to defend vigorously this proceeding by asserting certain affirmative defences and its own counterclaims against Archipelago," states the Reuters report.

NexTrade is seeking damages of up to $90 million for alleged infringement of its trade mark rights by some of Instinet's ProTrader subsidiaries.

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