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A jury has ruled in favour of Trading Technologies (TT) in its patent infringement case against E-Speed. The court ruled that E-Speed willfully infringed on TT’s patented MD Trader software in 2004.
The jury awarded TT $3.5 million in damages, on 10 October, after deliberating for 2 ½ days. The decision ultimately upholds the firms’ well-known software patent. The judge could triple the damage amount because the jury determined that E-Speed willfully infringed.
"we're obviously happy the jury validated our patents," said Stev Borsand, chief intellectual property counsel for TT. "And in terms of the other cases, this was a big first step."TT is still engaged in patent infringement litigation with several other firms including CQG, Rosenthal Collins Group (RCG), GL Trade and Futurespath. A court hearing is set for 16 October to determine how those firms would like to proceed with their cases.
For its part, E-Speed is likely to appeal its case with the US Circuit Court of Appeals and sounded like it was ready to carry on in its statement after the verdict.
"For exchange-traded derivative markets, the monopoly of middle and back office providers is likely to be challenged. Historically, the three incumbent providers have been largely unchallenged due to widely held fears of ‘migration risk’."
Clive Furness, MD, Contango Markets