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Missed payment for IM Software could leave traders in the lurch

Reuters Messaging Network is a tool used by financial traders to help them meet the strict compliance and record-keeping standards under which they work. However, starting Friday, that service could be hobbled due to a complaint by FaceTime, the company that owns the intellectual property behind the network. Apparently, Reuters neglected to pay a $150,000 bill on time.

Beginning on Friday, Reuters can no longer use a critical piece of technology in its widely used Reuters Messaging Network, a court ruled Wednesday.

Instead, the United States District Court for the Southern District of New York entered judgment in favor of FaceTime Communications, owner of the instant messaging (IM) technology, in its contract dispute with Thomson Reuters.

Read the full article here.

[1 Aug 2008 11:39]

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