Source: Trading Technologies
Trading Technologies International, Inc. (TT) and Strategy Runner, Ltd. (Strategy Runner), a successful developer of system trading platform and fully automated trading solutions, today announced that they reached an agreement under which Strategy Runner will license TT's patented MD Trader technology.
The agreement also settled a lawsuit pending in Federal Court in Chicago alleging that Strategy Runner infringed TT's U.S. Patent Nos. 6,766,304 and 6,772,132.
The lawsuit was resolved with the entry of a Consent Judgment finding infringement. Under the settlement agreement, Strategy Runner admitted that its Strategy Runner Pro and Lite trading screens with Static Market Panes infringe on TT's patents and agreed that the patents are valid. Furthermore, TT granted Strategy Runner a license under which it will pay to TT a variable royalty of at least $.10 per side for all contracts that trade in conjunction with the Strategy Runner Pro and Lite trading screens with Static Market Panes trading screen. As part of the settlement, TT has absolved Strategy Runner of any past liability for infringement of TT's patents. TT also agreed not to sue Strategy Runner and Strategy Runner's customers for infringement of the MD Trader patents based on Strategy Runner's TradingPad product.
"TT's issued MD Trader patents are valid and I believe it did not make sense to challenge them further. I believe that this agreement is good for Strategy Runner and our clients, since it lifts the uncertainty with respect to our liabilities, reconfirms we will not be sued by TT for use of our current TradingPad, and allows us to provide clients with system trading as well as the static order entry ladder invention," said Anna Becker, CEO of Strategy Runner.
"We are pleased to have reached a settlement with Strategy Runner. This is another example of our willingness to settle patent disputes with licenses that benefit our licensees and their customers. We are confident that licensees of the concepts behind MD Trader will be very successful in the retail space," said Harris Brumfield, CEO of TT.