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.

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