Losses & lawsuits
Pennsylvania entity files antitrust suit against Cusip Global Services
Complaint challenges CGS’s position as the US national numbering agency.
MayStreet founder says LSEG abandoned integration in new court filing
In response to LSEG’s motion to dismiss a lawsuit filed by the founder of one of its acquired companies, lawyers for Patrick Flannery have offered more details around communications between MayStreet and the exchange group.
LSEG files to dismiss MayStreet lawsuit, citing no evidence of fraud
In its response to MayStreet’s complaint filed in May, lawyers for the exchange group characterize Flannery as having “seller’s remorse.”
Hot topic: SEC climate disclosure rule divides industry
Proposal likely to flounder on First Amendment concerns, lawyers believe.
Firms step up non-compete use to protect tech, data IP
US states are increasingly banning or limiting the use of non-compete contracts, but financial firms are using them more frequently to safeguard proprietary tech and data assets—including the knowledge of the individuals who work on them.
S3 Partners sues Ion’s Fidessa for breach of contract
The New York-based market data company has filed a complaint against Fidessa for failing to honor its agreement to invest up to $6.25 million into the business.
Firms challenging Cusip file new lawsuit alleging antitrust violations, breach of contract
A broker-dealer and two investment managers have filed a new, joint complaint against the quartet of companies associated with management of the Cusip numbering system.
SEC overstepping authority in NMS plan, Nasdaq claims in court
Nasdaq's counsel argued that the regulator does not have the power to give more votes to non-exchange organizations in the Sips' operating committees.
This Week: Vanguard, OneMarketData, SS&C, Xignite, Esma, SimCorp, Nasdaq
A summary of some of the past week’s financial technology news.
Exegy Sues Activ Financial: The Problem with Patents
Max Bowie recalls some hit-and-miss patent cases from the past two decades, and what this one might mean for the future.
Nasdaq Sues IEX for Trading, Data Patent Infringements
Nasdaq's lawsuit alleges infringement of a number of patents covering its trading process and certain data elements by IEX.
Nasdaq Files Complaint Against Miami Exchanges Over Trading Tech
Exchange operator accuses rival of infringing on patents in trading systems
Thomson Reuters Integrates Legal Filings Data into Eikon to Show Impact of Court Cases on Stock Prices
Knowing the impact of litigation on a company's stock price can be "crucial" to trading decisions.
UPDATE: Solarflare Sues over Patent Infringement, Exablaze Denies Accusations
Solarflare holds 91 US patents covering technology and processes for transmitting, receiving and processing data.
S&P Pays $1.375Bn to Settle Ratings ‘Fraud' Case
Under settlement, vendor admits giving high ratings to risky RMBS issues.
Dow Jones Sues RANsquawk for $5 Million
Dow Jones has filed a lawsuit against London-based news aggregator and audio "squawk" provider RANsquawk, accusing the vendor of systematically stealing Dow Jones' news headlines and stories without a license to distribute its news, and seeking at least …
Famanet-Thomson Reuters Court Case Begins in Cyprus
Hearings have finally begun in the long-running lawsuit brought by Cyprus-based data vendor Famanet Holdings against Thomson Reuters.
Industry Set to Battle Patents via Courts, Rewrites, M&A
Companies are turning their attention from the IP in their content to the IP in their content delivery mechanisms, prompting firms fearful of litigation to ditch incumbent technologies and demand contracts that indemnify them against infringement.