Suite, State Street Corp, Currenex reach settlement in copyright infringement lawsuit

Maria Nikolova

Judge Paul A. Engelmayer of the New York Southern District Court has dismissed the case after the parties indicated a settlement was reached.

A copyright infringement lawsuit targeting Currenex, Inc., State Street Corporation and its wholly-owned subsidiary State Street Global Markets LLC, officially came to an end on July 26, 2018, as Judge Paul A. Engelmayer of the New York Southern District Court signed an Order dismissing the case.

The order was issued about a month after the plaintiff – Suite LLC, a vendor of quantitative financial analytic software, indicated that the parties continued their discussions and had successfully reached a settlement that fully resolves the action and that they had executed a settlement agreement.

The lawsuit 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 entered into 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. In particular, 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 the defendants’ acts as well as punitive damages.

The defendants have responded to the accusations by stating that Suite is simply “unhappy with the deal it negotiated”, and that it is ignoring express contract terms.

The action, including all claims asserted in it, is now dismissed with prejudice and without costs or attorney’s fees as to any party.

Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.

Technology

Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.

<