Freddie Mac Gets Bond Auction Patent Nixed As Abstract Idea

Law360, New York (September 26, 2012, 4:08 PM EDT) -- A Washington federal judge on Wednesday invalidated a patent on a method of conducting electronic bond auctions that Graff/Ross Holdings LLP asserted against mortgage buyer Freddie Mac, ruling that the patent claims only an abstract idea implemented on a computer.

U.S. District Judge Richard Leon granted summary judgment to Freddie Mac and held that the Graff/Ross patent is not patent-eligible subject matter under Section 101 of the Patent Act, which bars patents on abstract ideas and natural phenomena.

The claims in the patent "recite nothing more...
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