Reed Smith’s Lisa A. Chiarini, Eric Hutz, James C. Martin and Sid Kapoor represented MIAX in the matter.
“This decision, following closely on the heels of our victory for MIAX in a related Covered Business Method Review (“CBM Review”) against Nasdaq just six days prior, is another positive outcome that will help break the stranglehold Nasdaq has on electronic securities trading exchanges, with invalid patent claims,” said Chiarini. “We anticipate more open competition in this market as a consequence of both rulings.”
As with Nasdaq’s U.S. Patent No. 7,921,051, ruled patent ineligible on October 3, today’s PTAB decision arises as a result of Nasdaq’s assertion of patent infringement against MIAX in the United States District Court for the District of New Jersey in September 2017. Nasdaq alleges that MIAX violated Nasdaq’s patents and used its trade secrets to launch MIAX’s competing options exchanges. MIAX disputes all those claims.