Ikos Co-Founder Apologizes in Court and Pays $79,000 to Ex-WifeJeremy Hodges
Martin Coward, the co-founder of Ikos Asset Management Ltd., apologized in open court to his ex-wife and former business partner for leaking divorce papers containing personal information to members of the media.
Coward will pay 50,000 pounds ($78,990) in damages, which Elena Ambrosiadou will donate to charity, and write a letter to the media clarifying the ban on publishing any material from the documents, her lawyer said today.
“It gives my client no pleasure to have had to pursue these proceedings but in the light of the serious threat of intrusion into the private lives of both herself and her son she felt that there was no alternative,” said Isabel Martorell, a lawyer at Carter-Ruck, reading the apology in a London court.
Ikos, which uses computer algorithms to spot profitable trades in futures markets, has been embroiled in court battles and spying allegations worldwide. The former couple, who started divorce proceedings in Greece in 2009, have filed more than 40 lawsuits against each other in at least four countries over the last two years.
Coward admitted he leaked Greek divorce documents to a journalist at the U.K.’s Daily Telegraph, then provided another 107 people at 53 organizations with private information about the estranged couple’s family life and son, according to the apology filed at the High Court in London.
Coward’s spokesman didn’t immediately respond to calls for comment.
An Ikos affiliate paid 4 million pounds to settle lawsuits with two former employees in November over unpaid bonuses and the return of an award payment.