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NEW YORK, Nov 18, 2005 (UPI via COMTEX) -- A British software firm filed a patent infringement suit against the Reuters Group PLC news agency over its Instinet Group Inc. electronic brokerage.
Ariel Communications says it retains rights over the original code used to build Instinet, Finextra.com reported Friday. A company official says Ariel invested $175,000 in Instinet and signed a deal with the electronic brokerage in 1975 giving it perpetual rights over all future developments of the Instinet software.
Ariel's $50 million lawsuit has the potential to complicate Reuters' agreement, made last April, to sell Instinet to the Nasdaq Stock Market of New York.
The code in question is already the subject of a patent infringement suit filed by Reuters, a British financial news service, against Bloomberg LP, a U.S. rival.
Copyright 2005 by United Press International