New York – July 15, 2008 – Ipreo, parent company to i-Deal LLC, announced today that the United States Court of Appeals for the Federal Circuit has reversed the district court ruling on the MuniAuction patent litigation, ruling that i-Deal’s Parity® electronic bidding system does not infringe on a patent obtained by MuniAuction.
According to the official court order, the Court of Appeals has concluded that i-Deal “clearly and convincingly” established their case that many of the claims are “obvious as a matter of law,” that the Parity® product does not infringe on an existing patent, and the “remainder of the district court’s judgment is vacated.”
“We are extremely pleased that the court has recognized the validity of our case by ruling in our favor so definitively,” said Scott Ganeles, CEO of Ipreo. “During the course of this case we’ve remained confident in the strength of our position, and today’s ruling certainly vindicates that.”
“Our clients have shown tremendous support and loyalty throughout this process,” added Allen Williams, Managing Director and EVP of Capital Markets for Ipreo. “We are thrilled to be able to provide continuous support to the municipal community with the highest level of service. We look forward to regaining the flexibility to develop and provide the most advanced and streamlined solutions to our clients.”
Ipreo is a global leader in providing market intelligence, data, and technology solutions to all participants in the global capital markets, including sell-side banks, publicly traded companies, and buy-side institutions. By combining state-of-the-art new issuance systems with the premier global financial and investor data, Ipreo enables our capital markets clients to execute deals more efficiently, maximizing time and resources. Our applications include end-to-end bookbuilding systems, roadshow & conference management platforms, and electronic document delivery. Additionally, Ipreo’s suite of investor prospecting and CRM solutions offers the most accurate and comprehensive institutional contacts data and profiles in the industry. Ipreo is the only financial services provider to offer solutions across all asset classes for the Equity, Fixed Income, Municipal, and Syndicated Loan markets. Ipreo is a KKR portfolio company with nearly 700 employees supporting clients in every major financial center around the world. For more information, please go to www.ipreo.com.
- For Ipreo
- Kate McKay
- Managing Director, Global Marketing & Communications