Court Rules in Favor of eSpeed in Trading Technologies Patent Case
27 Junio 2007 - 3:01PM
Business Wire
In a Court ruling that has major implications for global futures
markets, the U.S. District Court for the Northern District of
Illinois ruled on June 20, 2007 that the current and most recent
generations of eSpeed, Inc.�s (NASDAQ:ESPD) futures-trading
software do not infringe any of the patents being asserted by
Trading Technologies International. Although the trial has not yet
begun, the court granted summary judgment of non-infringement,
which is appropriate when no reasonable jury could find that the
patents were infringed by the accused products. The order covers
the Dual Dynamic and espeedometer versions of the eSpeed and ECCO
products. Howard W. Lutnick, Chairman, CEO and President of eSpeed,
said, �In another clear victory for our customers and the broader
markets, the Court has again supported our belief that our eSpeed
and ECCO products do not infringe the Trading Technologies patents.
Our futures business is in a stronger position to satisfy
customers� needs with a suite of innovative new products. We look
forward to resolution of the remaining issues, including those
related to whether Trading Technologies� patents are valid.� �With
the major portion of Trading Technologies� tiresome litigation
behind us, eSpeed and ECCO are now better positioned to provide
customers with even greater flexibility and a variety of user
interfaces with which to conduct futures transactions,� said Paul
Saltzman, Chief Operating Officer of eSpeed. This ruling follows
the Court�s October 31, 2006 claim construction decision, where it
rejected Trading Technologies� interpretation of various terms in
the asserted patents. Both the Court�s ruling, and its earlier
claim construction decision, support eSpeed�s consistent view that
its futures products are not covered by the Trading Technologies
patents. The case in question is Trading Technologies International
Inc. v. ESpeed Inc., 04cv5312, U.S. District Court for the Northern
District of Illinois. About eSpeed, Inc. eSpeed, Inc. (NASDAQ:
ESPD) is a leader in developing and deploying electronic
marketplaces and related trading technology that offers traders
access to the most liquid, efficient and neutral financial markets
in the world. eSpeed operates multiple buyer, multiple seller
real-time electronic marketplaces for the global capital markets,
including the world's largest government bond markets and other
fixed income and foreign exchange marketplaces. eSpeed's suite of
marketplace tools provides end-to-end transaction solutions for the
purchase and sale of financial products over eSpeed's global
private network or via the Internet. eSpeed's neutral platform,
reliable network, straight-through processing and superior products
make it the trusted source for electronic trading at the world's
largest fixed income and foreign exchange trading firms and major
exchanges. To learn more, please visit www.espeed.com. On May 29,
2007, eSpeed announced that it had entered into an Agreement and
Plan of Merger, dated as of May�29, with BGC Partners, Inc. (�BGC
Partners�), Cantor Fitzgerald, L.P. (�Cantor�), BGC Partners, L.P.,
a Delaware limited partnership , BGC Global Holdings, L.P., a
Cayman Islands exempted limited partnership and BGC Holdings, L.P.,
a Delaware limited partnership pursuant to which eSpeed will
acquire BGC Partners through a merger of BGC Partners with and into
eSpeed. For more information, see eSpeed�s Report on Form 8-K dated
May 29, 2007. Discussion of Forward-Looking Statements The
information in this release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements are based upon current expectations that
involve risks and uncertainties. Any statements contained herein
that are not statements of historical fact may be deemed to be
forward-looking statements. For example, words such as �may,�
�will,� �should,� �estimates,� �predicts,� �potential,� �continue,�
�strategy,� �believes,� �anticipates,� �plans,� �expects,�
�intends� and similar expressions are intended to identify
forward-looking statements. The actual results of eSpeed, BGC or
the combined company in the merger (�we�, �our� or the �combined
company�) and the outcome and timing of certain events may differ
significantly from the expectations discussed in the
forward-looking statements. Factors that might cause or contribute
to such a discrepancy for eSpeed, BGC and/or the combined company
include, but are not limited to, the combined company�s
relationship with Cantor and its affiliates and any related
conflicts of interests, competition for and retention of brokers
and other managers and key employees, pricing and commissions and
market position with respect to any of our products, and that of
the combined company�s respective competitors, the effect of
industry concentration and consolidation, and market conditions,
including trading volume and volatility, as well as economic or
geopolitical conditions or uncertainties. Results may also be
impacted by the extensive regulation of our respective businesses
and risks relating to compliance matters, as well as factors
related to specific transactions or series of transactions,
including credit, performance and unmatched principal risk as well
as counterparty failure. Factors may also include the costs and
expenses of developing, maintaining and protecting intellectual
property, including judgments or settlements paid or received in
connection with intellectual property or employment or other
litigation and their related costs, and certain financial risks,
including the possibility of future losses and negative cash flow
from operations, risks of obtaining financing and risks of the
resulting leverage, as well as interest and currency rate
fluctuations. Discrepancies may also result from such factors as
the ability to enter new markets or develop new products, trading
desks, marketplaces or services and to induce customers to use
these products, trading desks, marketplaces or services, to secure
and maintain market share, to enter into marketing and strategic
alliances, and other transactions, including acquisitions,
dispositions, reorganizations, partnering opportunities, and joint
ventures, and the integration of any completed transactions, to
hire new personnel, to expand the use of technology for
screen-assisted, voice-assisted and fully electronic trading and to
effectively manage any growth that may be achieved. Results are
also subject to risks relating to the proposed Merger, separation
of the BGC businesses and the relationship between the various
entities, financial reporting, accounting and internal control
factors, including identification of any material weaknesses in our
internal controls, our ability to prepare historical and pro forma
financial statements and reports in a timely manner, and other
factors, including those that are discussed under �Risk Factors� in
each of eSpeed�s Annual Report on Form 10-K for the year ended
December 31, 2006 filed with the SEC on March 15, 2007 and BGC�s
Registration Statement on Form S-1 filed with the SEC on February
8, 2007 (Registration No. 333-140531) to the extent applicable. We
believe that all forward-looking statements are based upon
reasonable assumptions when made. However, we caution that it is
impossible to predict actual results or outcomes or the effects of
risks, uncertainties or other factors on anticipated results or
outcomes and that accordingly you should not place undue reliance
on these statements. Forward-looking statements speak only as of
the date when made and we undertake no obligation to update these
statements in light of subsequent events or developments.
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