NEW YORK, October 8, 2010 – A little over a year ago the Milbank IP team achieved a significant win for the New York Stock Exchange in a patent infringement suit brought by Papyrus Technology. At that time, Judge Judith M. Barzilay granted Milbank's motion for summary judgment, holding that patents asserted against NYSE are invalid. Last week, a federal appeals court affirmed the win for the NYSE. Congratulations to IP partner Mike Murray (who argued the case Tuesday at the Federal Circuit) and IP associates Chris Gaspar (Mike's right hand throughout the briefing and at the argument), Blake Reese and Jeff Lesovitz who also worked hard on the appeal brief, and the entire IP litigation team headed up by Chris Chalsen, including Jim Klaiber, Chris Holm and many others who were involved in extensive discovery and earlier motion practice stages of the case.
Papyrus asserted five patents relating to wireless, hand-held communications systems, data structures for storing trading data, and methods for managing brokers on the floor of an exchange. Two patents were withdrawn after discovery and Papyrus stipulated to NYSE's lack of infringement of a third patent. The Federal Circuit ruling, affirming the invalidity of the final two patents, brings the litigation to a successful conclusion.
This new development was also featured in a recent article published in Law360. The article quotes Mike Murray, "Obviously I'm very pleased with the outcome and the client is pleased with the outcome. It's a complete win." Click here to view the article.
