Financial Services Company Sued for Trade Secret Misappropriation
According to a report from Financial News, Marex—a global financial services platform—is facing a civil federal lawsuit for trade secret misappropriation. The complaint, filed by London-based fintech company RVAssets, alleges that two of its former employees improperly replicated its securities options trading software for Marex. Within this blog post, our Florida trade secret misappropriation attorney provides a more detailed overview of the dispute and highlights key points to know about proving liability in a trade secret violation case.
Allegations: Marex Improperly Misappropriated Trade Secrets
RVAssets is a London-based developer of trading algorithms. The company filed a trade secret misappropriation lawsuit against Marex. Notably, Marex acquired another financial services firm called ED&F Man Capital Markets in the Spring of 2022. In a federal complaint filed in United District Court for the Northern District of Illinois, RVAssets alleges that two employees of ED&F Man Capital Markets used proprietary information obtained from their time at RVAssets to build a competing options trading platform. As part of its complaint, RVAssets emphasizes the unique functionality. For its part, Marex declined to comment on the matter citing pending litigation.
An Overview of the Federal Standard for Trade Secret Misappropriation
Trade secrets are protected at the federal level. The Defend Trade Secrets Act of 2016 (DTSA) sets the standard for trade secret misappropriation cases. To bring a successfully trade secret misuse lawsuit against another party, plaintiff must prove all of the following things:
- A Valid Trade Secret Existed: The first element of any trade secret misappropriation is proving that a trade secret actually existed. As simple as this may seem, it is often overlooked. There are specific criteria that must be met to obtain federal trade secret protection. The plaintiff must demonstrate that the information classified as a trade secret is genuinely confidential and holds commercial value.
- Misappropriation by the Defendant: Next, a plaintiff must establish that a defendant actually engaged in trade secret misappropriation. Most notably, this means that the defendant acquired, disclosed, or used the trade secret in an unlawful manner. Trade secret misappropriation claims are highly fact-specific. A comprehensive investigation of alleged trade secret misappropriation is a must.
- Damages Caused by Misappropriation: Finally, a plaintiff must also prove actual economic harm (damages) as a result of the defendant’s actions. Damages are a core element in any trade secret misappropriation claim. If you have questions about the measurement of damages in a trade secret case, an experienced intellectual property lawyer can help.
Contact Our South Florida Trade Secret Misappropriation Attorney Today
At Perkins Law, our Florida intellectual property lawyer handles the full range of trade secret misappropriation claims. Our firm is committed to delivering top-tier legal guidance and support to our clients. If you have any specific questions or concerns about a trade secret misappropriation case, we are here to help. Contact our legal team today for your confidential consultation. We handle trade secret misappropriation cases throughout South Florida.
Source:
fnlondon.com/articles/marex-sued-over-claims-it-misappropriated-trade-secrets-20230928?mod=homepage
