Legal
Jane Street Accuses Millennium, Ex-Traders of Strategy Theft
- Trading firm sues hedge fund group, traders in federal court
- Jane Street says ‘immensely valuable’ strategy is at stake
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Jane Street Group sued Millennium Management and two former traders over their alleged theft of a highly confidential and “immensely valuable” proprietary trading strategy.
In a complaint filed Friday in federal court in Manhattan, Jane Street said former traders Douglas Schadewald and Daniel Spottiswood, who resigned earlier this year to join Millennium, had been “intimately involved” in the development of the strategy. According to the suit, they are now using it at Izzy Englander’s hedge fund group in violation of confidentiality agreements.