Thursday, 27 April 2017
Last updated 2 min ago
Mar 23 2012 | 11:30am ET
Despite being forced to play on his estranged wife's home turf, IKOS Asset Management veteran Martin Coward has scored a pair of legal victories.
Neither of Coward's courtroom wins came on their merits. Instead, a Cypriot court has dismissed a pair of his wife's claims on technicalities, the Financial Times reports.
Most recently, the court junked Elena Ambrosiadou's bid to force coward to return $120 million he withdrew from family trusts, although the status of the money remains an inssue. Separately, Cyrpus' supreme court rejected Ambrosiadou's request to have Coward declared in contempt of court earlier this month, also on a technicality.
Ambrosiadou has accused Coward of violating a gag order issued by the Cypriot courts.
Ambrosiadou and Coward have filed a raft of litigation against one another all over Europe. The latter claims to own IKOS' algorithmic trading software, which he wrote, while the former says that the code is owned by IKOS, and that Coward has no stake in the hedge fund. Coward has admitted that he copied IKOS' software before leaving the firm.
IKOS has sought to prevent Coward from using its proprietary code at the hedge fund he plans to launch, called Dormouse. The dispute between the spouses, which began in 2009 when Coward quit after Ambrosiadou fired his research team, has seen litigation from Cyprus to London, as well as claims and counterclaims of spying, stealing and all manner of other misdeeds.