Nasdaq Inc. has agreed in a settlement to drop its patent infringement lawsuit against IEX Group Inc.
The settlement does not involve any payments or operational changes. IEX general counsel Sophia Lee said Thursday in a statement that IEX was pleased to put the lawsuit behind and won "assurance that Nasdaq will not assert the patents against IEX's market in the future."
Nasdaq sued IEX in 2018 over several different patents on trading technology. Last month, the U.S. Patent and Trademark Office's Patent Trial and Appeal Board ruled one of the patents invalid.
A statement from Nasdaq said that it "has been engaged for decades in the development of technology to support its core businesses, including its listings and trading businesses, and is also a leading market technology provider, with its innovative technology powering over 115 of the world's market infrastructure organizations. With this resolution of the District Court and PTAB proceedings, we feel our core businesses and our innovation remain protected."