Parties in Trading Technologies patent infringement case refuse to settle
Docketing statements filed on Monday show that both the appellant and the appellees, including companies like Interactive Brokers, LLC and TradeStation Group, find the case is not amenable to mediation.
A followup to the FinanceFeeds’ earlier article about Trading Technologies appealing a legal decision in a patent infringement case against a number of online trading companies, including Interactive Brokers and TradeStation…
On Monday, July 17, 2017, the parties in the case, captioned Trading Technologies Intl. v. IBG LLC (0:17-bcaag-02257) filed their Certificates of Interest and Docketing Statements with the Federal Circuit U.S. Court of Appeals. The documents, seen by FinanceFeeds, show that the parties in the case refuse mediation.
According to the Appellees (Respondents), which include IBG LLC, Interactive Brokers, LLC, TradeStation Group, Inc., TradeStation Securities, Inc., TradeStation Technologies, Inc, and IBFX, Inc, the parties’ current positions preclude settlement.
According to the Appellant (Petitioner), Trading Technologies, “mediation will not remedy the errors made in the proceeding”.
The legal action is about Patent No. 7,533,056 B2, or the so-called ‘056 patent owned by Trading Technologies International, Inc.
Trading Technologies had sued several companies, including Interactive Brokers and TradeStation, over an alleged infringement of the patent, which describes “a user interface for an electronic trading system that allows a remote trader to view trends for an item, which assists the trader to anticipate demand for an item”. The patent covers a method of operation used by a computer for displaying transactional information and facilitating trading in a system where orders comprise a bid type or an offer type.
In February 2017, following a petition by the brokers sued, the Patent Trial and Appeal Board (PTAB) issued their Final Written Decision saying the claims 1–15 of the ‘056 patent are unpatentable. PTAB ruled the claims of the patent are directed to well-understood, routine, and conventional steps of receiving market information and displaying it graphically to a trader, who uses the information to facilitate trading a commodity.
Moreover, the Board found no indication in the ‘056 patent that the inventors from Trading Technologies invented gathering market information, displaying it to a trader, and using the information to facilitate trading a commodity. The use of a computer to perform these functions also was known in the art at the time of the invention, PTAB said.
The Final Decision stated that “the ‘056 patent claims simply provide a graphical representation on a computer of what traders have done in their minds since trading began.”
In April this year, PTAB denied Trading Technologies’ request for rehearing.
The Appellant is now seeking Vacatur or reversal of the Board’s final written decision from February 2017. The Appellees are seeking to affirm the Board’s final written decision and the decision denying Trading Technologies’ request for rehearing.