On Monday, the International Securities Exchange (ISE) vs. CBOE Holdings Inc. case had been scheduled to begin but was postponed for three days as U.S. District Judge Joan H. Lefkow settled some pretrial motions.?
Now on Thursday as it set to begin, the trial has been cancelled. This came after Lefkow ruled favorably for CBOE on numerous issues. This did not enable ISE to show evidence that it considered crucial to its case, according to court documents.
The two exchanges were in a dispute over CBOE utilizing, without permission,?ISE’s patent related to an “automated exchange.” With the cancellation, CBOE claimed a victory for the case and believes that “ISE now concedes that CBOE does not infringe ISE’s patent, based on several recent decisions in CBOE’s favor,” according to a CBOE statement.?
CBOE Chairman and CEO William J. Brodsky, said of the news, “We are gratified that this case has reached the correct result,” while incoming CBOE CEO and?current COO and President Ed Tilly added, “CBOE has always been and will continue to be the leading innovator in the options industry.”
But not so fast said ISE. It plans to appeal the case and released its own statement on Thursday with:
“ISE strongly believes in the merits of its case that CBOE copied and continues to infringe ISE’s patented trading technology, and ISE plans to immediately file an appeal to the Federal Circuit to reverse these rulings. ISE will have no further comment at this time.”