'UBS 3' win algorithm trading code case

Three traders formerly employed by UBS have won a case in which they were accused of stealing algorithm trading code.

Partha Sarkar, Sanjay Girdhar and Jatin Suryawanshi were accused by the bank of taking more than 25,000 lines of code after they left the company.

The trade secrets were thought to have been misappropriated before the men left UBS to join rival broker Jeffries & Co.

UBS applied for an injunction to prevent the bankers from using the algorithmic code when they started in their new positions.

However, a panel from the Financial Industry Regulatory Authority (FINRA) ruled that there was no case and UBS subsequently dropped the claims.

Lance Gotko, an attorney at Friedman Kaplan Seiler & Adelman, told Traders Magazine: “We're absolutely delighted to have this put behind them so that they, and Jefferies, can go forward.”

The three bankers were sued for breach of contract, breach of fiduciary duty, stealing trade secrets and unfair competition.

Both of the parties agreed to resolve the dispute via the FINRA panel after the case was initially filed at the New York State Supreme Court.

By Jim Ottewill