IKOS Founder Drops Spying Lawsuit

Dec 10 2012 | 5:36am ET

IKOS Asset Management chief Elena Ambrosiadou has settled one of the many legal cases stemming from her divorce from co-founder Martin Coward.

Ambrosiadou agreed to drop her lawsuit against Dilitas, a security company she claimed sought to harass the firm and its employees on behalf of Coward, and to pay half of its legal costs. A spokesman for the hedge fund manager said she took the move, after a judge rejected her bid to delay the trial, to "prevent the ordeal of having highly private matters from being exposed in open court."

Dilitas said it was hired only to serve Ambrosiadou with court papers and undertook no surveillance of her or IKOS. A lawyer for Dilitas founder Christopher Cully told the Financial Times that his client is "disappointed not have a chance to clear his name at trial," but is satisfied with "a pragmatic outcome… which vindicates his position and demonstrates the fundamental weakness of the claims made against him."

Ambrosiadou painted a somewhat different picture. Her spokesman said that the Dilitas case "established that Martin Coward… used private investigators to watch his former wife and to investigate the private life of their child's nanny."

Ambrosiadou brought the case against Cully and Dilitas after her own "large scale" spying operation against Coward and other IKOS staff was revealed. Ambrosiadou did not contest those allegations.

Ambrosiadou and Coward have filed more than 40 lawsuits against each other in at least four counties over the past three years.

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