Trading Technologies (TT) closed its largest patent infringement case on 30 November when Man Group agreed to settle the pending lawsuit with the ISV. The settlement also ended TT's case against Refco following the acquisition of the majority of that brokerage's business by Man (see FO Week Vol 10 No 45).
TT, which formally brought the case against Man in April, said the consent judgment absolves Man and its customers of any past liability for patent infringement concerning its MD Trader
software.
Man followed the format of other TT settlements, validating TT's patents and admitting it infringed on the MD Trader patent - this time by using Patsystems' software. TT settled a patent case against Patsystems in May.
The ISV also waived any monetary damages and planned to continue to do business with Man in the future.
In a brief statement, Man Financial CEO...