Big hedge fund firm Millennium sued by Jane Street for allegedly stealing strategy
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Millennium Management, a hedge fund firm, is being sued by rival Jane Street Group for allegedly stealing a trading strategy. Jane Street claims that two of their former traders, who were involved in developing the strategy, joined Millennium and caused a significant drop in their profits. The lawsuit seeks compensatory and punitive damages for the misappropriation of trade secrets. Millennium Management, led by Israel Englander, manages over $63 billion of assets. Lawsuits over trade secret theft are common in the financial industry.
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