Trading Technologies, the world's largest technology provider for futures trading, has won a three-year-long lawsuit against eSpeed, the electronic bond trading unit of Cantor Fitzgerald
A jury in the U.S. District Court for the Northern District of Illinois awarded Trading Technologies $3.5 million after finding that certain versions of eSpeed's futures-trading software, last used three years ago, infringed on its patents.The lawsuit was one of up to 15 that Chicago-based Trading Technologies (TT) has filed against brokerages and trading firms over patents relating to MD Trader, the order-entry screen incorporated in TT's X Trader software.
Most of the firms have reached settlements with TT.
The lawsuits were part of an initially larger strategy to get financial exchanges to share their profits from electronic trading with TT, which is run by bond trader Harris Brumfield.
In a statement, Howard W. Lutnick, Chairman, CEO and president of eSpeed, said, "This decision has absolutely no effect on eSpeed's suite of products, nor does it have any effect on our business or products."
He added, "All of eSpeed's current products have already been found to not infringe the patents that were litigated in this case, and today's verdict, which addressed a minor three-year old matter covering only the period of August to December 2004, has no bearing on our products."A U.S. District Court for the Northern District of Illinois jury has awarded Trading Technologies $3.5 million after finding that certain versions of eSpeed's futures-trading software infringed on its patents... Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio