18 April 2015

Optiver sues rival over software theft - report

07 August 2009  |  3823 views  |  0 Sydney Opera House

The Australian arm of derivatives trading firm Optiver is suing Tibra, a rival outfit set up by a former employee, for allegedly stealing software, according to local press reports.

Optiver has launched action in the Federal Court, suing Tibra Trading as well as seven members of its staff, says the Australian newspaper.

Optiver claims its former trader, Dinesh Bhandari used its confidential information for Tibra's computer trading programs when he set up the firm in January 2006.

Several other employees who left and joined Bhandari at Tibra, also had access to confidential information that is being used by the new firm, it is alleged.

Optiver launched the action after private investigators tracked e-mails sent by traders and IT employees on the day they left the company, says the Australian.

The firm is suing for copyright infringement and is asking for additional damages, saying Tibra "flagrantly" and "recklessly" used its software. In addition, it is claiming a proportion of the profits made by Tibra since it began trading.

Optiver claims rival Tibra stole software - The Australian

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

14 July, 2009
10 July, 2009
06 July, 2009

Top topics

Most viewed Most shared
UK banks covering up cybercrime losses - C...
6615 views 13 comments | 26 tweets | 13 linkedin
BBVA buys UX firm Spring Studio
6285 views comments | 32 tweets | 17 linkedin
Card is king as cash usage continues to fa...
6069 views comments | 22 tweets | 14 linkedin
Digital and core renewal to drive bank IT...
4711 views comments | 32 tweets | 25 linkedin
World Bank reports big drop in numbers of...
4446 views 10 comments | 36 tweets | 12 linkedin

Featured job

Basic £85-110K dependent on experience OTE circa £...
London

Find your next job