WSGR Obtains First Stay Pending Covered Business Method Review under AIA
On February 5, 2013, Judge Gregory M. Sleet of the U.S. District Court for the District of Delaware issued an order staying litigation pending review by the Patent Trial and Appeal Board under the Transitional Program for Covered Business Method Patents ("CBM review"). The decision is the first of its kind and demonstrates the viability of post-grant review procedures available under the America Invents Act for the efficient resolution of a patent infringement dispute where the patent at issue is directed at a covered business method. Wilson Sonsini Goodrich & Rosati represented TD Ameritrade, E*TRADE, Bloomberg, and Charles Schwab in connection with the matter.
In June 2012, Markets-Alert filed suit against online brokerages and financial service providers including TD Ameritrade, E*TRADE, Bloomberg, and Charles Schwab, alleging that the companies infringe Markets-Alert's U.S. Patent No. 7,941,357, which is directed to a particular method of providing alerts based on real-time application of "stock market technical analysis formulae." In October 2012, the defendants filed a petition for CBM review of the patent.
Shortly after filing the petition, the defendants moved pursuant to Section 18(b)(1) of the America Invents Act to stay Markets-Alert's suit pending the Patent Trial and Appeal Board's resolution of post-grant review. On February 5, the court granted the defendants' motion and entered the stay. WSGR attorneys filed the petition on behalf of TD Ameritrade, E*TRADE, Bloomberg, and Charles Schwab, and filed the motion to stay on behalf of TD Ameritrade, E*TRADE, and Bloomberg.
For more information about the case, please see this WSGR Alert, which was published on February 7, 2013.