DOW JONES & COMPANY v. INTERN. SECURITIES EXCHANGE

Docket Nos. 05-4812-CV, 05-4972-CV.

451 F.3d 295 (2006)

DOW JONES & COMPANY, INC., Plaintiff-Appellant, v. INTERNATIONAL SECURITIES EXCHANGE, INC., and Options Clearing Corporation, Defendant-Appellees. The McGraw-Hill Companies, Inc., Plaintiff-Appellant, v. International Securities Exchange, Inc., Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided: June 16, 2006.


Attorney(s) appearing for the Case

Robert P. Lobue, Patterson Belknap Webb & Tyler LLP (Stuart A. Karle, General Counsel, The Wall Street Journal; Deborah T. Revesz, Assistant General Counsel, Dow Jones & Company, Inc.; Adeel A Mangi, Joanne N. Kwong, Patterson Belknap Webb & Tyler LLP, of counsel), New York, NY, for Plaintiff-Appellant Dow Jones & Company, Inc.

R. Bruce Rich, Weil, Gotshal & Manges LLP (Irwin H. Warren, Elizabeth S. Weiswasser, Benjamin E. Marks, of counsel), New York, NY, for Plaintiff-Appellant The McGraw-Hill Companies, Inc.

Andrew L. Deutsch, DLA Piper Rudnick Gray Cary U.S. LLP (Michael J. Simon, General Counsel, International Securities Exchange, Inc.; Monica P. McCabe, Christine M. Jaskiewicz, DLA Piper Rudnick Gray Cary U.S. LLP, of counsel), New York, NY, for Defendant-Appellee International Securities Exchange, Inc.

Peter J. Toren, Sidley Austin Brown & Wood LLP (Tracey Russell Seraydarian, of counsel), New York, NY, for Defendant-Appellee The Options Clearing Corporation.

Douglass B. Maynard, Akin Gump Strauss Hauer & Feld LLP (Karol A. Kepchar, James J. Benjamin, Jr., Rex S. Heinke, Michael D. Lockard, of counsel), New York, NY, for Amici Curiae The Nasdaq Stock Market, Inc., Wilshire Associates Incorporated, The FTSE International Limited and Barclays Global Investors, N.A.

David E. Jacoby, Schiff Hardin LLP (Paul E. Dengel, of counsel), New York, NY; Michele L. Odorizzi, Mayer Brown Rowe & Maw, Chicago, IL; for Amici Curiae Chicago Board Options Exchange, Inc., and Board of Trade of the City of Chicago, Inc.

Edward F. Maluf, Bingham McCutchen (Nia Cross, Susanna Y.Y. Chu, of counsel), New York, NY, for Amici Curiae Archipelago Holdings, Inc., Pacific Exchange, Inc., Boston Stock Exchange, Inc., and Boston Options Exchange Group, LLC.

David M. Battan, General Counsel, Interactive Brokers Group LLC, Washington, D.C., for Amicus Curiae Interactive Brokers Group LLC.

Before LEVAL, SOTOMAYOR, Circuit Judges, and KRAVITZ, District Judge.


LEVAL, Circuit Judge.

This appeal raises a narrow and highly specific question—whether an options exchange, by creating, listing, and facilitating the trading of options on shares in an exchange traded fund ("ETF") designed to track a proprietary market index, misappropriates intellectual-property rights of the creator of the index. The district court found no such infringement, and we agree.

Plaintiffs Dow Jones & Company, Inc. ("Dow Jones") and...

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