"The American Stock Exchange is gratified by the court's ruling. This was a complete victory and vindication of the Amex's position," said Amex Chairman and CEO Salvatore F. Sodano.
The Amex pioneered the concept of exchange traded funds (ETFs) in the U.S. in 1993 with the introduction of trading in SPDRs - Standard & Poor's Depositary Receipts (AMEX: SPY), an exchange-traded unit investment trust based on the Standard & Poor's 500 Index. Today, the Amex lists a total of 122 ETFs with over $100 billion in assets.
In the fall of 2000, the Amex sought a declaration that Mopex Inc.'s patents were invalid and not infringed by the Amex's trading of select ETFs. Mopex filed a counterclaim alleging the Amex was infringing a Mopex patent.
"The Amex championed the cause of exchange traded funds, brought them to market originally, and has been the driving force in leading them to the level of prominence they have achieved today. There was never any doubt in our mind that the Mopex patent was invalid. We're grateful that the courts have recognized this, and we can now turn our attention to continuing to lead the ETF product
