Churchill Drops Lawsuit Against Former Analysts

Jul 20 2010 | 12:10pm ET

Hedge fund firm Churchill Capital has settled with two former analysts it accused of stealing client data and poaching staff in violation of their noncompete agreements.

The Bermuda-based hedge fund and brokerage ended the lawsuit, filed in Singapore, where Jonathan Foster and Charles Nave worked, last week. Churchill said that the two downloaded several files, including client data, after they had resigned but before they left the firm at the end of last year. The firm also accused them being in contact with another ex-Churchill employee who had also joined Aviate Global, which was not named in the suit.

According to Churchill, Foster’s and Nave’s allegedly duplicity was revealed because Foster had left his Skype account open on his office computer.

Churchill founder Patrick Churchill told Bloomberg News that the matter has been amicably resolved. He did not disclose the terms of the settlement.

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