Piper Jaffray Sues Hedge Fund Vermillion Founders

Oct 24 2007 | 7:44am ET

Piper Jaffray thinks hedge fund Vermilion Capital Management’s strategy is a little too familiar, and it’s not laughing. The Minneapolis-based investment bank has sued the founders of Vermilion—who just happen to be a quartet of Piper veterans—for stealing trade secrets.

Piper alleges that David Nicoski, Joseph Jasper, Shelley Moen and Scott McClure stole proprietary information about its technical research products, filing suit for misappropriation of trade secrets, breach of fiduciary duty, breach of contract and civil theft, HedgeFund.net reports.

Vermilion, founded two years ago and based in Edina, Minn., has denied the allegations and says that the foursome is cooperating with Piper.

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