Trading Technologies (TT)'s patent suit filed against Refco could have major ramifications for the FCM as it approaches an IPO, or for the futures industry in general if the firm decides to settle out of court.
TT's suit against Refco (see FO Week Vol 10 No 8) accuses the firm of infringing on two TT patents. Refco must now decide whether it wants to battle the case in court, which can take up to two years in typical US cases, or settle the case out of court before its IPO sometime this year.
In a response to an FO Week question, Phillip Bennett, president and ceo of Refco Group, vehemently denied any infringement and said he plans to fight the suit. "The complaint filed by Trading Technologies is without merit and the allegations within it are baseless," Bennett said in a statement. "As one...