Bank Software Developer Faces Suit Over Trade Secret Theft

Law360, Dallas (May 22, 2013, 8:59 PM EDT) -- Spear Marketing Inc. launched a Texas state court suit Monday alleging ARGO Data Resource Corp. used corporate espionage to steal its proprietary bank cash management system, following a federal judge's decision last week refusing to remand a related suit.

Both suits allege that after Spear approached ARGO about buying the VaultWorks system, ARGO "embarked upon a course of industrial espionage," using Spear's trade secrets to launch a competing product and stealing Spear's largest client, a BancorpSouth Inc. subsidiary.

In the state court suit, Spear is seeking...
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