Chicago Mercantile Exchange, Chicago Board of Trade settle Wagner patent litigation.

0 Comments | M2 Presswire, August, 2002

M2 PRESSWIRE-27 August 2002-CME: Chicago Mercantile Exchange, Chicago Board of Trade settle Wagner patent litigation (C)1994-2002 M2 COMMUNICATIONS LTD RDATE:08272002 CHICAGO -- Chicago Mercantile Exchange Inc. (CME) and the Chicago Board of Trade (CBOT) today announced that they have reached a settlement agreement to resolve the litigation with eSpeed, Inc.

(Nasdaq: ESPD), a subsidiary of Cantor Fitzgerald. The litigation is related to the Wagner patent on automated futures trading systems (United States patent No. 4,903,201). Under terms of the settlement agreement, CME and CBOT will each pay $15 million to eSpeed over a five-year period. As part of the agreement, all companies will be released from the legal claims brought against each other...