StoneX claims it was unaware of OANDA’s patents it allegedly infringed
OANDA’s lawsuit alleging that StoneX Group Inc (NASDAQ:SNEX) committed patent infringement continues at the Illinois Northern District Court. StoneX was forced to respond very promptly – by January 25, 2021, so there is nothing astonishing that the company is seeking to gain time to prepare for a rather complex legal battle, which is the situation with patent disputes usually.
A document filed by StoneX with the Court on January 22, 2021, shows that StoneX is pushing for extra time to prepare its response to OANDA’s allegations.
StoneX, which is the new owner of brands such as Forex.com and City Index, has managed to retain local counsel. However, the company is still in the process of retaining lead patent counsel.
Moreover, the complaint asserts infringement of three patents, relating to “Methods for Determining Value at Risk,” “Methods for Analysis of Financial Markets,” and “Filtering of High Frequency Time Series Data.” It contains five counts and over 100 paragraphs of allegations relating to a facially complex subject matter, requiring detailed analysis of the underlying claims and technologies.
StoneX says that it was unaware of the patents before OANDA filed this lawsuit. Hence, StoneX will need time to investigate them.
The defendant is now seeking for an extension to the deadline to answer or otherwise plead to February 24, 2021.
Let’s recall that, in this case, OANDA claims that StoneX uses the StoneX Trader platform, including the APIs, to operate automated infringing trading systems. OANDA further alleges that the defendant’s platforms and systems practice each and every limitation of at least claim 1 of the ʼ504 Patent, claim 1 of the ʼ548 Patent, and claim 1 of the ʼ959 Patent.
In addition, OANDA says that the StoneX Select service, and its offered analysis tools and services are an infringing products and services offered by StoneX.
In this action, OANDA seeks an award of damages pursuant to 35 U.S.C. § 284 sufficient to compensate it for StoneX’s alleged past infringements, and any continuing or future infringement, up until the date that OANDA’s patent expires. OANDA also requests an injunction against continued infringement, including but not limited to an injunction against StoneX and/or its agents.