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.


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

The yield curve and stock market response

Traders form habits quickly. Understanding these and their effects can better equip us to decipher actual market moves.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.