Citadel Accuses Jump Employees of Stealing Secrets

Reuters – By Dan Wilchins and Herbert Lash – June 4, 2012

(Reuters) – Citadel, one of the world’s biggest hedge fund managers, has accused employees of a rival Chicago high-frequency trading firm of stealing its trading programs.

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It said in a court petition that at least one its former employees stole trading algorithms and brought them to Jump Trading, a firm that employs 325 people in Chicago, London and Singapore.

Ken Griffin’s Citadel is using an unusual legal strategy to try to glean information from Jump — it is petitioning an Illinois state court for documents before filing a lawsuit, a move that is legal in that state.

To read the full article please click here.

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