Source: Trading Technologies
Peregrine Financial Group, Inc. (PFG) and Trading Technologies International, Inc. (TT) today jointly announced that they have signed a settlement agreement that will resolve the patent lawsuit brought by TT. Under the settlement, TT acknowledged that it has never asserted infringement against PFG’s BEST Direct™ online trading platform and agreed that the BEST Direct™ product does not infringe the patents-in-suit.
The settlement agreement shall become effective upon the entry by the Court of a Consent Judgment finding that the BEST Direct Fast product, which was developed by TradeMaven LLC and made available by PFG for a short time, infringes the patents-in-suit and finding that the BEST Direct™ product does not infringe the patents-in-suit. Both companies are participating in the Futures Industry Association Annual Conference in Boca Raton.
"We are happy to conclude another settlement related to our MD Trader® patents. The lawsuit was based on a product that PFG purchased from TradeMaven and called BEST Direct Fast. We never asserted the patents-in-suit against PFG's BEST Direct trading system. I understand that BEST Direct has been around for a number of years and TT has agreed that this system does not infringe the patents-in-suit," said Harris Brumfield, CEO of TT.
"PFG believes in respecting innovations in the electronic trading space and believes that PFG has been the source of innovations that provide important benefits for individual investors and traders in our BEST Direct trading system. This system was developed in the 1990s. I am happy that PFG and TT have been able to resolve the lawsuit and to clarify that PFG's BEST Direct trading system has not been implicated by TT's patents," said Russell R. Wasendorf, Sr., chairman and CEO of PFG.