Trading Technologies (TT) continued its legal rampage last week, filing a patent infringement complaint against Peregrine Financial Group (PFG) and TradeMaven, a trading software firm partnered with PFG.
The suit, filed on 19 July, alleges that PFG and TradeMaven infringed on TT's patent on "click based trading with intuitive grid display of market depth". PFG's chairman and CEO Russ Wasendorf Sr told FO Week that the infringements alleged were not only untrue but that PFG was formulating a countersuit against TT.
"We feel the complaint was not filed in good faith and the tactic of using intimidation is not appropriate," Wasendorf said. "We will not settle this case. Even if they drop their case against us, we will not drop ours against TT."
Wasendorf said his firm was contacted by TT in late June to discuss a possible deal involving front end software, not the validation of patents, but that...