Drawn out case could affect price, interest
Trading Technologies (TT)'s patent suit filed against Refco
could have major ramifications for the FCM as it approaches an
IPO, or for the futures industry in general if the firm decides
to settle out of court.
TT's suit against Refco (see FO Week Vol 10 No 8)
accuses the firm of infringing on two TT patents. Refco must
now decide whether it wants to battle the case in court, which
can take up to two years in typical US cases, or settle the
case out of court before its IPO sometime this year.
In a response to an FO Week question, Phillip
Bennett, president and ceo of Refco Group, vehemently denied
any infringement and said he plans to fight the suit. "The
complaint filed by Trading Technologies is without merit and
the allegations within it are baseless," Bennett said in a
statement. "As one of their largest - if not the largest -
customers, we are extremely disappointed by their tactics.
However, we are reviewing the complaint and intend to exercise
the considerable legal and commercial options that are
available to us to defend it vigorously."
This article is available exclusively to subscribers
Please log in to continue reading.
Not yet a subscriber?
Click here to take a free trial.
Already have an account? |
Please fill in your details below and a customer service representative will contact you.