Goldman Sachs Accused in Ipreo Suit of Data Theft, Copyright Infringement
Goldman Sachs Group Inc. was sued for copyright infringement by Ipreo Holdings LLC, which provides information about money managers and hedge funds and their investments.
Ipreo claimed that Goldman copied trade secrets and other confidential information from Ipreo’s bigdough.com database, according to the complaint filed May 4 in U.S. District Court in New York.
Ipreo, based in New York, said more than 16,000 users pay license fees for its database. According to Ipreo’s complaint, at least two Goldman employees used Ipreo passwords without authorization to download its confidential information. Ipreo said in court papers that Goldman admitted to unauthorized access to the site and claimed it was an “isolated” incident.
“We believe the claims are without merit and we will contest the suit vigorously,” Ed Canaday, a spokesman for Goldman, said in a phone interview.
Goldman, the New York-based investment bank that reported record earnings last year, was sued by the U.S. Securities and Exchange Commission last month for fraud related to collateralized debt obligations.
Ipreo is seeking at least $3 million in damages and a jury trial.
The case is Ipreo Holdings LLC v. Goldman, Sachs & Co., 10-3702, U.S. District Court, Southern District of New York (Manhattan).