State Street Bank & Trust Co. v. Signature Financial Group, Inc.

149 F.3d 1368, cert. denied, 525 U.S. 1093 (1999)

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State Street Bank & Trust Co. v. Signature Financial Group, Inc.

United States Court of Appeals for the Federal Circuit
149 F.3d 1368, cert. denied, 525 U.S. 1093 (1999)

Facts

In 1993, Signature Financial Group, Inc. (Signature) (defendant) obtained a patent for a data-processing system entitled Hub and Spoke. The Hub and Spoke system allowed for complex calculations to be performed by a computer in order to transform discrete public-share prices into a final share value for mutual-fund investors. State Street Bank & Trust Company (State Street) (plaintiff) entered into negotiations with Signature to license the Hub and Spoke system, but the two parties were unable to reach an agreement. State Street then sought a declaratory judgment to declare the Hub and Spoke patent invalid and unenforceable. At trial, the district court granted State Street’s motion for partial summary judgment, finding that the claims of the Hub and Spoke patent did not cover statutory subject matter under federal patent law. Signature appealed the determination.

Rule of Law

Issue

Holding and Reasoning (Rich, J.)

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