Chicago trading firm vows to fight suit
Trading Technologies (TT) continued its legal rampage last
week, filing a patent infringement complaint against Peregrine
Financial Group (PFG) and TradeMaven, a trading software firm
partnered with PFG.
The suit, filed on 19 July, alleges that PFG and TradeMaven
infringed on TT's patent on "click based trading with intuitive
grid display of market depth". PFG's chairman and CEO Russ
Wasendorf Sr told FO Week that the infringements
alleged were not only untrue but that PFG was formulating a
countersuit against TT.
"We feel the complaint was not filed in good faith and the
tactic of using intimidation is not appropriate," Wasendorf
said. "We will not settle this case. Even if they drop their
case against us, we will not drop ours against TT."
Wasendorf said his firm was contacted by TT in late June to
discuss a possible deal involving front end software, not the
validation of patents, but that discussions between executives
of both firms became contentious when PFG asked TT to sign a
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