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.


In Depth

AIMA: Smaller Firms Remain the Lifeblood of the Hedge Fund Industry

Jul 26 2017 | 5:55pm ET

It is a hedge fund industry truism that the largest managers receive the most attention...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of