Claims That Dow, S&P 500 Improperly Used For Trading Index Options Not Preempted

A plaintiff that holds an exclusive license for the purpose of using two well-known stock market indexes to run an exchange market for trading index options is not exercising rights in works of authorship when it brings claims of misappropriation and unfair competition, the Illinois Appellate Court (First District) ruled May 25 (Chicago Board Options Exchange Inc. v. International Securities Exchange LLC, Ill. App. Ct., 102228, 5/25/12).

Affirming a state trial court’s injunction against another exchange market operator, the court said that the claims were not preempted by the federal Copyright Act because they do not assert that ...