Man Group's Fink `Confident' Software Doesn't Infringe Patents
April 14 (Bloomberg) -- Man Group Plc, the world's largest publicly traded hedge-fund manager, denied allegations that the company infringed patents on futures-trading software developed by Trading Technologies Inc., which filed suit yesterday.
``Man Financial is confident that none of the software or trading systems we are providing to our clients -- all of which is provided by third-party vendors -- infringe any TT patents.'' Man Group Chief Executive Stanley Fink said today in an e-mailed statement.
Trading Technologies sued London-based Man Group and its Man Financial unit yesterday in U.S. District Court in Chicago, alleging infringement of patents on a program used by traders to buy and sell futures contracts. The suit asks the court to block Man Group from using the software.
The lawsuit is the fifth filed by Chicago-based Trading Technologies since it was granted patents to the technology last year. A judge in February said Trading Technologies would probably win a similar infringement case against Espeed Inc., the electronic bond-trading unit of Cantor Fitzgerald LP.
Trading Technologies Chief Executive Harris Brumfield declined to comment, spokesman Ray Carmichael said.
Trading Technologies' computer program lets traders enter orders and compare prices at different exchanges. The patents pertain to the layout of the order form.
In the Espeed ruling, the judge said Espeed and other companies may need to ``reconsider their plans'' to challenge Trading Technologies in the marketplace. Refco Group Ltd., the world's biggest privately held futures broker, was targeted by a nearly identical lawsuit in February.
`Baseless'
Refco Chief Executive Phillip Bennett said at the time the allegations in the suit ``baseless'' and that he would defend it ``vigorously.'' Espeed is also fighting the lawsuit, telling the court in a filing last month it had evidence that the patents are invalid and unenforceable because they cover inventions that were already in use before the patent application.
Two Chicago-based trading firms, Kingstree Trading LLC and Goldenberg Hehmeyer & Co, were sued last year. Both settled within days of the filings.
The latest case is Trading Technologies International Inc. v. Man Group Plc. No. 05-2164, Northern District of Illinois, Eastern Division. |
