CBOE claims win in patent dispute with International Securities Exchange
BY DAVID ROEDER Business Reporter March 14, 2013 5:58PM
Updated: April 16, 2013 4:18PM
The Chicago Board Options Exchange claimed victory Thursday in a patent dispute with a competitor, but the legal fight apparently will continue.
The International Securities Exchange, part of Deutsche Boerse AG, had sued the CBOE alleging violations of patents dealing with automated trading. But the New York-based exchange, known as ISE, said it had to “cease pursuit of the case.”
ISE said it took the action because pretrial rulings by U.S. District Court Judge Joan Lefkow made it impossible to present its side. It said it will immediately appeal those rulings.
The case had been scheduled to go to trial Thursday. A CBOE statement portrayed ISE’s action as an admission that there is no patent infringement.
“We are gratified that this case has reached the correct result,” CBOE Chairman William Brodsky said.