Reuters Sues Main Rival in Patent Row (Mayor Bloomberg's Co.)

LONDON (Reuters)

Global news and information company Reuters Group Plc RTR.L said it sued its main rival, Bloomberg LP, in a U.S. federal court on Friday, alleging patent infringement and seeking unspecified damages.

Reuters, the world's largest listed provider of news and market data to financial institutions, said in a suit filed in the U.S. District Court for the Southern District of New York that Bloomberg had infringed three patents on Reuters' automated trading technology.

Reuters employs the technology to enable its customers to trade foreign exchange and other securities. Last year, automated currency trading generated about 54 million pounds ($88.4 million) for the group.

"We don't have any comment at this time. We have not seen the lawsuit," said Chris Taylor, a spokeswoman for Bloomberg LP, which is controlled by New York City Mayor Michael Bloomberg. ---

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