(Reuters) – U.S. brokerage firm BTIG on Monday filed a lawsuit against rival StoneX Group Inc, accusing it of stealing trade secrets, and sought at least $200 million in damages.
“Defendant StoneX recruited a team of BTIG traders and software engineers to exfiltrate BTIG software code and proprietary information and take it to StoneX,” lawyers for BTIG wrote in the suit filed in the California Superior Court, San Francisco County.
StoneX used the software code and proprietary information to build competing products and business lines “that generate tens of millions of dollars annually,” they said.
StoneX did not immediately respond to a Reuters’ request for comment outside of regular business hours.
BTIG’s lawyers also requested the court issue an injunction to prevent StoneX from using or disclosing BTIG’s trade secrets or other proprietary information.
(Reporting by Akanksha Khushi in Bengaluru and Blake Brittain in Washington; Editing by Stephen Coates)
