AQR’s Ex-Trading Head Wins $6 Million From ITG in Grievance Case
- Hitesh Mittal said ITG wrongly implicated him in SEC probe
- Finra arbitration award is one of largest in recent years
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An ex-employee of Investment Technology Group Inc. has been awarded more than $6 million from an arbitration panel after he claimed the brokerage wrongly implicated him in a regulatory probe that he says led to his termination from hedge fund AQR Capital Management.
Hitesh Mittal, who was head of liquidity management at ITG before leaving in 2011, filed a complaint with the Financial Industry Regulatory Authority in July 2018 accusing the firm of blaming him over its own misconduct. The dispute stemmed from an August 2015 settlement in which ITG agreed to pay $20.3 million to settle Securities and Exchange Commission allegations that it ran a secret unit that took advantage of client orders to trade for its own benefit.