Nasdaq, ProShares Sued Over ETF Patents

Law360, New York (May 16, 2011, 7:25 PM EDT) -- Leveraged Innovations LLC filed a lawsuit Wednesday against Nasdaq OMX Group Inc. and a unit of ProFunds Group in New York federal court, claiming they infringed patents for computer systems designed to create and exchange shares in leveraged exchange-traded funds.

Nasdaq uses the inventions described in the patents-at-issue to enable the exchange of millions of shares of leveraged ETFs every day, the complaint claims. ProShares, the ProFunds unit, creates those leveraged ETFs using the inventions patented by the plaintiff, and its ETFs — at least 121...
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