Nyfix settles Trading Technologies patent lawsuit
17 January 2006 | 1753 views | 0
Source: Trading Technologies
Trading Technologies International, Inc. (TT) and NYFIX, Inc. and its subsidiary, NYFIX Overseas, Inc.(NYFIX) today announced that they have agreed to settle a lawsuit pending in the United States District for the Northern District of Illinois in Chicago alleging that NYFIX infringed TT's U.S. Patent Nos. 6,766,304 and 6,772,132. The lawsuit was filed on July 18, 2005 and also names GL Trade as a defendant.
The lawsuit was resolved last month with the entry of a Consent Judgment admitting infringement of a version of NYFIX Overseas' Derivatives Depth Order Entry Window product incorporating a static price ladder (which had previously been distributed by NYFIX Overseas only to a limited number of its customers)and that the patents are valid. Under the settlement agreement, NYFIX has agreed not to use or offer to its customers any version of its Derivatives Depth Order Entry Window product that infringes TT's MD Trader patents in the future. TT has agreed not to sue NYFIX and NYFIX's customers for infringement of the MD Trader patents based on the sale or use of NYFIX's new Derivatives Depth Order Entry Window product. As part of the settlement, TT has absolved NYFIX and NYFIX's customers of any past liability for infringement of TT's MD Trader patents.
"NYFIX has decided to respect TT's patents by not using the covered technology. Going forward, NYFIX's customers can use any currently offered version of our Derivatives Depth Order Entry Window product without any concerns regarding these patents," said Peter K. Hansen, Chairman of NYFIX.
"NYFIX's decision to settle is a strong endorsement of the strength of our MD Trader patents," said Harris Brumfield, CEO of TT. TT has received patents from the US, UK and European Patent Offices relating to innovations in its MD Trader product, the market-depth-style order-entry screen incorporated in TT's X_TRADER trading software.