Jane Street’s India Profits Complicate Fight With Millennium
- Firm claims ex-traders stole billion-dollar strategy for rival
- Defendants say Jane Street’s stellar results belie loss claims
The profit dispute raises the possibility that Jane Street may wind up revealing more about its finances in court than it has elsewhere.
Photographer: Nelson Almeida/AFP/Getty ImagesJane Street Group’s soaring profits have emerged as a focal point in its legal battle with two ex-traders and Millennium Management over their alleged theft of a secret billion-dollar India options trading strategy.
In April, Jane Street accused Millennium and former traders Doug Schadewald and Daniel Spottiswood of stealing the “immensely valuable” strategy, causing it significant losses. But lawyers for the defendants said in a previously sealed motion released Monday in redacted form that Jane Street’s India options team actually posted record results in the months after the traders left to join Izzy Englander’s hedge fund group.