Coward Must Pay £3M Of IKOS' Legal Costs

Aug 22 2013 | 2:22pm ET

Former IKOS Asset Management chief investment officer Martin Coward has not only lost his software copyright case against IKOS, he's been told to pay £3 million of the firm's legal costs.

In May, London Judge Sarah Asplin found in favor of the Cyprus-based hedge fund, led by Elena Ambrosiadou, and against co-founder Coward, Ambrosiadou's estranged husband. The two have filed more than 40 lawsuits against each other in four countries, alleging spying, theft and all other manner of misdeeds. But at the heart of the dispute is IKOS' software, which Coward says he created and which IKOS says he stole.

In her latest ruling, issued after a further two-day High Court hearing on July 30-31, Justice Asplin told Coward to pay 85% of IKOS' court costs in the proceedings.

Coward, who claims he still owns a piece of IKOS, has admitted that he downloaded IKOS' proprietary code, which he designed.

Justice Asplin ruled that Coward must “return or destroy any copies of the whole or any part of IKOS' quantitative trading software that he still has in his possession” and must not “use, consult, disclose, copy, communicate or publish any or any substantial part” of the trading software.

Coward has also promised to remove parts of the software used by his new hedge fund that had been written by IKOS employees while on leave from the company.


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

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

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.