Both firms confirm resolution but decline to disclose details stemming from departure of two former employees
Trading titans Jane Street and Millennium Management have settled a trade secrets lawsuit over allegations of a stolen trading strategy. The parties said in a court filing on Thursday that the case had been dismissed. Millennium confirmed a settlement had been reached but declined to comment on the details. A Jane Street spokesperson said the case had been “resolved on mutually agreeable terms”.
The spat also comes as theft of trade secrets suits risk becoming more common in finance as investors and traders increasingly rely on complex technology, algorithms and artificial intelligence to generate profits. Jane Street alleged two ex-employees, who moved to Millenium earlier in the year, took a “highly valuable, unique and proprietary” trading strategy with them when they left. The strategy centred on Indian options markets.
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