Copyright infringement lawsuit against Currenex may be reopened

Maria Nikolova

The parties in the case have been unable to finalize the settlement they reached in early May.

A copyright infringement lawsuit targeting Currenex, Inc., State Street Corporation and its wholly-owned subsidiary State Street Global Markets LLC, may be reopened.

Earlier today, the counsel for the plaintiff – Suite LLC, a vendor of quantitative financial analytic software, filed a letter with the New York Southern District Court, stating that the parties have been unable to finalize the settlement in principle that they reached in early May. Accordingly, the plaintiff requests that the Court reopen this action.

Furthermore, in light of additional information that Suite has learned since commencing the action, it advises the Court that it intends to amend the Complaint to add more defendants.

The case was launched by Suite LLC in September 2017. The defendants were alleged to have infringed upon and misappropriated Suite’s intellectual property, including its source-code.

The action refers to events dating back to as early as September 2011, when Suite signed an agreement with State Street and Currenex providing the latter with a perpetual license of Suite’s ALib Analytic Library (ALib), analytical software. The license was limited to State Street’s and Currenex’s use and precluded resale or sharing with third parties.

Currenex and State Street allegedly distributed Suite’s copyrighted, confidential software and source-code to third parties (including an existing customer of Suite, “TradingScreen,” and a competitor of Suite, Frost) without the consent or authorization of Suite, thus breaching the confidentiality provision and the restrictions stipulated in the contract. Specifically, Frost distributed Suite’s copyrighted source-code and software (that was licensed to State Street) directly to TradingScreen.

Suite has sought to permanently enjoin the defendants’ copyright infringement and misappropriation of Suite’s trade secrets; and to recover its damages arising from Defendants’ acts as well as punitive damages.

The defendants have replied that Suite is simply “unhappy with the deal it negotiated”, and that it is ignoring express contract terms.

The case is captioned SUITE, LLC v. CURRENEX, INC. et al (1:17-cv-06920).

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