TD, Schwab, others sued in patent infringement case

Australian firm claims offerings violate patent it obtained last year

Jun 26, 2012 @ 3:50 pm

By Dan Jamieson

lawsuit Schwab TD Ameritrade patent infringement
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An Australian firm has filed patent-infringement lawsuits against six U.S. brokerage firms over their use of a trading-alert technology.

In similar lawsuits filed last week, Markets-Alert PTY Ltd. of Bankstown, Australia, near Sydney, claims that The Charles Schwab Corp., TD Ameritrade Holding Corp., E*Trade Financial Corp., Trademonster, Interactive Data Corp. and Bloomberg Finance LP are violating a U.S. patent that Markets-Alert obtained last year.

The Australian company's technology alerts investors via mobile devices whenever user-defined technical trading signals are triggered.

Markets-Alert claims trading platforms such as Schwab's OptionsXpress, TD Ameritrade's thinkorswim, the E*Trade Pro system, Interactive Data's Esignal.com and Bloomberg's Professional Launchpad are infringing on its technology.

The suits, filed in U.S. District Court in Delaware, claim unspecified damages and seek an injunction against the alleged violators.

Markets-Alert's attorney, Adam Poff of Young Conaway Stargatt & Taylor LLP, did not return a call seeking comment.

Schwab spokesman Greg Gable declined to comment, saying the firm is reviewing the suit.

Representatives for the other defendants did not respond to requests for comment.

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