(Crain's) — Options exchange International Securities Exchange LLC said it plans to appeal a federal court decision issued this week that determined Chicago Board Options Exchange Inc. is not infringing on its patent.
New York-based ISE sued Chicago Board Options Exchange, the biggest U.S. options exchange, in federal court in New York over the patent in 2006, saying the CBOEdirect electronic trading system and CBOE’s hybrid system, which combines the automated system and its open-outcry exchange, both infringe on a certain patent.
CBOE countersued the following year in U.S. District Court for Northern Illinois in Chicago, saying there was no infringement and asking the court for a declaratory judgment that it had not infringed. The cases were consolidated in Chicago.
Judge Joan Lefkow granted summary judgment of noninfringement to CBOE, saying in her March 2 opinion that ISE “failed to present more than mere speculation” on key points in its argument supporting infringement.
“We were disappointed by the judge's decision and disagree with the court's interpretation of the issues at hand,” an ISE spokeswoman said. “We intend to file an appeal.”
CBOE had no comment.
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