Euronext welcomes the verdict by the District Court in the Hague, the Netherlands, in the proceedings on the merits against TOM and BinckBank, which upheld Euronext’s claim that TOM had breached its various intellectual property rights by trademark infringement, database infringement, breach of contract and publishing misleading information and activities for investors.
The Court has awarded the majority of Euronext’s claims, after Euronext was already vindicated in the summary proceedings. The Court found that TOM’s and BinckBank’s claims that their systems offer the best price are “misleading statements” and should therefore be removed from the websites of both companies. Moreover TOM and BinckBank both have to place an announcement regarding misleading advertisement of their Smart Order Router on the websites of Alex, BinckBank and TOM.
The press release of the Court in The Hague can be found here (in Dutch).
Commenting on the ruling, Jos Dijsselhof, Interim CEO and COO of Euronext said: “We are very satisfied with the outcome of this case which underlines our belief in a fair market and level playing field for all investors. Euronext has always encouraged open competition provided it offers the best outcome for investors and this decision demonstrates that the court does not find it acceptable to mislead investors with false best price promises. We’re also pleased that the Court has demanded that both parties stop systematically copying Euronext’s products, a direct attack on our Intellectual Property Rights.”
The Court awarded Euronext compensation for legal costs. The Court has also awarded compensation for damages, the amount of which will be determined in separate proceedings.