FNY Accuses Ex-Partners Of Stealing Trade Secrets

Law360, New York (August 23, 2011, 8:16 PM EDT) -- Investment firm First New York Securities LLC sued two partners Tuesday in New York for allegedly breaking their employment contracts and stealing trade secrets when they left to work for a rival startup.

FNY claims that trader Adam Decker and Xenofon Kountouras, a senior member of the Wall Street firm's operations team,  took confidential information on staff and procedures from FNY last week so they could help found a startup competitor, Merus Capital.

“This is a case of theft and betrayal,” FNY said.

The firm, which...
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