Jane Street accuses Millennium Management and two ex-employees of stealing trade secrets

Jane Street is suing Millennium Management and two former employees for allegedly stealing trade secrets in a rare public spat between two big Wall Street investment firms.

In a complaint filed in federal court in Manhattan on Friday, Jane Street alleged that Douglas Schadewald and Daniel Spottiswood, two former employees who defected to the multi-manager firm earlier this year, had stolen a “highly valuable, unique, and proprietary” trading strategy.

Jane Street said in the complaint, parts of which were redacted, that its profits from the secret strategy plummeted by 50 per cent within weeks of Schadewald joining Millennium, and that a “new entity started placing orders mirroring the trading strategy”.

Source: Jane Street accuses Millennium Management and two ex-employees of stealing trade secrets