Judge Says Ikos Can't Search Former Employees' Computers

Oct 16 2012 | 1:32pm ET

Affiliates of the hedge fund Ikos Asset Management have lost a bid to search the computers of former employees.

London Judge Timothy King tossed out an application by Iko Cif and Phaestos to search the computers of Sam Gover and Peter Ho for confidential information and software they say was stolen from the hedge fund. King called the lawsuit "an unjustifed fishing expedition,” reports Bloomberg.

Ikos accused Gover and Ho of stealing information about the fund’s profits and bonus payments and possibly of using its software. But King, in his ruling, said there was no evidence the two had misused any information.

Ikos is also suing Gover and Ho, who now run a hedge fund called Altiq, for the return of bonus payments worth £12 million pounds, claiming the two failed to perform their duties. The former employees, for their part, are involved in separate lawsuits against Ikos for the return of £6 million ($9.7 million) in unpaid bonuses.

Ikos, which uses computer algorithms to trade futures, has been embroiled in a tangle of litigation and allegation for over two years. Founder Elena Ambrosiadou and her estranged husband and former business partner, Martin Coward, have filed more than 40 lawsuits against each other in at least four countries.

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