UBS files code theft lawsuit
14 July 2009 | 10014 views | 3
In an incident with striking parallels to the recent Goldman Sachs code theft case, it now emerges that UBS in March filed a lawsuit against three former quant traders alleging that they stole proprietary algorithmic trading software with the intent of using it at their new employer, Jefferies.
The Swiss bank filed suit against the head of its North American quant trading desk Jatin Suryawanshi and two of his colleagues Partha Sarkar and Sanjay Girdhar, who have since joined rival broker Jeffries, alleging that they conspired to steal more that 250,000 lines of source code relating to its top secret algorithmic trading programs.
The suit alleges that they deleted documents from UBS computers to hide their actions and performed services for Jefferies while still under employment at UBS.
The three accused are contesting the charge and deny taking any source code and using it for any purpose other than for UBS.
Coincidentally, Suryawanshi worked on the algorithmic trading desk at Goldman Sachs before joining UBS.
Earlier this month Goldman Sachs accused an ex-employee, programmer Sergey Aleynikov, of copying its proprietary code for high speed, high volume stock and commodities trading, with the intent of transferring it to his new employer.