10 December 2016
Visit aciworldwide.com

Optiver sues rival over software theft - report

07 August 2009  |  4269 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)

Finextra news in your inbox

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

Related stories

UBS files code theft lawsuit

UBS files code theft lawsuit

14 July 2009  |  9700 views  |  3 comments
Citadel sues ex-staff for contract breach; raises code-theft spectre

Citadel sues ex-staff for contract breach; raises code-theft spectre

10 July 2009  |  5885 views  |  0 comments
FBI nabs programmer accused of stealing trading code

FBI nabs programmer accused of stealing trading code

06 July 2009  |  10986 views  |  3 comments

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comFind out moreVisit VocaLink.com

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8583 views comments | 39 tweets | 31 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8216 views comments | 37 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8026 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7115 views comments | 23 tweets | 13 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6851 views comments | 20 tweets | 23 linkedin

Featured job

Find your next job