Nasdaq, Reuters In $50M Patent Suit Over Trading System

Law360 (November 16, 2005, 12:00 AM EST) -- A $50 million patent lawsuit against the Nasdaq Stock Market Inc., Reuters Group PLC and trading software company Instinet Group Inc. is casting a shadow over Nasdaq’s $2 billion takeover of the trading system.

At the heart of the complaint, filed by United Kingdom-based Ariel Communications Ltd., is New York-based Instinet, which allegedly granted Ariel a perpetual royalty-free license to its trading system after Ariel rescued the Instinet from financial ruin decades ago.

Reuters, which generates more than 90% of its revenue from financial trading, currently...
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