Brokerage Sues ICAP Over Employee Defections

Law360, New York (February 28, 2011, 6:07 PM EST) -- Brokerage Tradition North America Inc. hit ICAP Securities USA LLC with a trade secrets suit Thursday in a New York court, accusing the rival of poaching top brokers from its Chile office in violation of their employment contracts.

The suit, filed in the Supreme Court of the State of New York, County of New York, seeks $183 million in damages and claims that ICAP's alleged corporate raiding is "perhaps the most significant and audacious misappropriation ever in the highly-competitive U.S.-Latin American broker-dealer industry."

According to the...
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