Reuters, the world's largest publicly traded provider of
financial information, has sued rival Bloomberg LP over alleged
infringement of patents on electronic trading technology, the
Financial Times has reported.
Reuters, based in London, is seeking "injunctive relief and
damages" from Bloomberg in a federal court in New York.
The lawsuit claims that Bloomberg, founded by New York Mayor
Michael Bloomberg, infringed three 17-year Reuters patents that
cover so-called matching systems used by traders in the foreign
exchange and equity markets, according to the Financial Times.
A report by Associated Press quotes a Reuters spokesman adding
that the trading technology in question generated $88.4 million for
Reuters last year.
"We're confident we have not infringed on the patents and in our
judgment, the suit has no merit," Chris Taylor, a spokesman for
Bloomberg, told the Financial Times.
Bloomberg, the owner of Bloomberg News, competes with Reuters in
providing news, information and trading systems to the financial
community.
