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Press Releases

Fish Wins Patent Infringement Case in Favor of the Chicago Board Options Exchange

March 21, 2013

Press Releases

Fish Wins Patent Infringement Case in Favor of the Chicago Board Options Exchange

March 21, 2013

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Fish & Richardson announced today that it won a patent infringement case in favor of the Chicago Board Options Exchange Incorporated (CBOE) that had been brought by International Securities Exchange LLC (ISE) in the U.S. District Court for the Northern District of Illinois.  Moments before openings were set to begin in the March 14, 2013 trial, which had at stake over $400 million in damages plus trebling, ISE consented to entry of a judgment of non-infringement in favor of CBOE.

Fish won the case using a strategy that involved a series of pre-trial motions, including motions in limine to exclude certain evidence at trial.  The combined effect of several pretrial rulings in CBOE’s favor led ISE to conclude that it could not present its case to a jury.

ISE sued CBOE in 2006 alleging that CBOE infringed its patent on an automated exchange.  CBOE operates the Hybrid Trading System, which combines manual open outcry and electronic trading.

The Fish trial team representing CBOE included David Francescani, Jonathan Marshall, and Michael Zoppo, principals in the firm’s New York office, and New York associates Brian Doyle, Leah Edelman, and Jeffrey Mok.

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