Brokerage firm BTIG accuses rival StoneX of stealing technology

Nov 13 (Reuters) – U.S. brokerage BTIG filed a lawsuit against rival StoneX Group Inc ( SNEX.O ) on Monday, accusing it of stealing trade secrets and demanding at least $200 million in damages.

“Defendant StoneX recruited a team of BTIG traders and software engineers to exfiltrate BTIG software code and proprietary information and take it to StoneX,” lawyers for BTIG wrote in the suit filed in California Superior Court, San Francisco County.

StoneX used the software code and proprietary information to build competing products and lines of business “that generate tens of millions of dollars annually,” they said.

StoneX did not immediately respond to a Reuters request for comment outside regular business hours.

BTIG’s lawyers also asked the court to issue an injunction to prevent StoneX from using or disclosing BTIG’s trade secrets or other proprietary information.

Reporting by Akanksha Khushi in Bengaluru and Blake Brittain in Washington; Editing by Stephen Coates

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