By Erik Larson

Law360, New York (September 26, 2006, 12:00 AM ET) -- Biopharmaceutical company Decode Genetics Inc. filed a lawsuit Tuesday against five of its former employees, accusing the group of stealing Decode’s trade secrets and other intellectual property with the knowledge of their new employer.

The lawsuit, filed in the U.S. District Court for the Eastern District of Pennsylvania, also accused the five individuals of breaching noncompetition and nonsolicitation provisions of their employment agreements.

The company, based in Reykjavik, Iceland, also named the defendants’ new employer, the Philadelphia-based Center for Applied Genomics (CAG), and its parent company,...