MetaQuotes, the developer of the world’s most popular forex trading platform, has filed legal action against the developer of the ProTrader suite PFSoft. The lawsuit includes PFSoft LLC Ukraine, PFSoft Ltd Belize and PFSoft Cyprus. The allegations of the suit are that the defendant misused intellectual property which is in use in ProTrader .Net Station, ProTrader 2, ProTrader 3 and ProTrader Multi-Connect (PTMC).
The intellectual property is used in the MetaTrader suite of products and concerns MetaTrader 4, MQL4 IDE, MQL4 and MetaTrader 5.
MetaQuotes filed the action in a Cypriot court and obtained an injunction on the 9th of May this year. According to the court order, PFSoft has to remove from its products certain files, applications, components, libraries and programs which belong to the developer of the MetaTrader suite.
According to the court order, PFSoft is also required to block all access to the company’s software within 30 days, unless the misuse of the intellectual property is ceased. The injunction is in force until the final judgement on the case is issued.
Commenting on the news, the Global Head of Business Development at PFSOFT, Roman Nalivayko, stated to Finance Magnates: “We disagree on merits with accusations raised by MetaQuotes and we decided to defend our position in court. However, as a gesture of goodwill and in order to protect the business of our customers we have decided to satisfy MetaQuotes’ demands.”
Safle’s CEO Abhimanyu Kashyap on Creating Frictionless ExperiencesGo to article >>
“This legal action against us does not affect our operations, neither our clients’ businesses whatsoever. Our multi-asset trading platforms use a proprietary solution for algorithmic trading for many years already,” he explained.
“We view the announcement by Metaquotes not as a legal but rather a PR action, and the timing does not seem accidental. Instead of competing on product quality and expertise, MetaQuotes has chosen a different way that is unacceptable. We strongly believe that out product quality and support service will eventually win,” Nalivayko concluded.
MetaQuotes Sends Clients a Statement
The developer of the MetaTrader suite has informed all its clients that if they use any of the aforementioned software features of PFSoft before the defendant complies fully with the injunction, they face the risk of being found in contempt of court by assisting the defendant in disobeying the terms of the court decision.
A statement by MetaQuotes reads: “Any person that uses any of the aforementioned software of PFSoft, should make sure that such programs do not incorporate any files, applications, components, libraries and programs of MetaQuotes Software Corp.”
The action is consistent with the vigorous defense of intellectual property that MetaQuotes has shown in the past. Back in 2013, the company warned the industry against working with several copy/social trading companies. In 2012 the firm went to court after a company called Xogee, claiming that it hacked its licenses.
Finance Magnates has reached out to MetaQuotes for a comment on the matter and will update the article as the story unfolds.