Patsystems and TT settle out of court

A patent infringement lawsuit between two vendors, UK-based Patsystems and Chicago-based Trading Technologies (TT), has been settled out of court. As part of the settlement, TT has licensed some of its technology to Patsystems.

The patent lawsuit alleged that Patsystems’ DOME trading system infringed on TT’s patents. Under the terms of the settlement, TT granted Patsystems a license under which it will pay TT a variable royalty of at least $.10 per side for all contracts that trade through DOME, with a minimum monthly royalty of $50 per screen that uses DOME.

TT has absolved Patsystems from any potential past liability that may have arisen under the granted patents by selling its DOME product.

“Our discussions with Patsystems have been very productive," said Harris Brumfield, TT’s chief executive. "We hope this encourages other infringing entities to work with us towards settlement rather than litigation,” he added.

The Chicago-based vendor has more than 70 patents pending. It has received patents from US, UK and European Patent Offices relating to its MD Trader product – an order-entry screen.