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ARTICLE · 10 JULY 2012

Court Reverses Claim Construction Not Supported By Claim Language And Specification

Finnegan, Henderson, Farabow, Garrett & Dunner LLP
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The ’707 patent distinguishes an "automated" exchange from the traditional, floor-based "open-outcry" system for trading options contracts.

United StatesIntellectual Property
Sherry Wu
Sherry Wu
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This article previously appeared in Last Month at the Federal Circuit, June 2012

Judges:  Rader, Wallach (author), Fogel (district judge sitting by designation)

[Appealed from N.D. Ill., Judge Lefkow]

In Chicago Board Options Exchange, Inc. v. International Securities Exchange, LLC,  Nos. 11-1267,
-1298 (Fed. Cir. May 7, 2012), the Federal Circuit vacated the district court's judgment of noninfringement and remanded for further proceedings based on its interpretation of the claim terms "system memory means," "matching," and "automated exchange."

International Securities Exchange, LLC ("ISE") is the owner of U.S. Patent No. 6,618,707 ("the '707 patent"), directed to an automated exchange for the trading of options contracts that allocates trades among market professionals and that assures liquidity.  The '707 patent distinguishes an "automated" exchange from the traditional, floor-based "open-outcry" system for trading options contracts.

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