(16 February 2010 – USA) An arbitration case against three former UBS employees who were accused of stealing an algorithmic trading code has been dropped ruling in favour of the bankers.The bank originally filed the case against its former employees in The New York Supreme Court, but was later agreed by both parties to be heard before the Financial Regulatory Authority (FINRA).
As a result of the Financial Industry Regulatory Authority resolution, every claim UBS made against Jatin Suryawanshi, Partha Sarkar and Sanjay Girdhar was either denied or dropped.
No damages, sanctions, injunctions or other forms of relief were awarded, according to a FINRA award dispute resolution filing on Tuesday. However, both parties were left with splitting administrative-related arbitration fees, the filing said.
UBS initiated proceedings last March against the men for misappropriation of trade secrets, breach of contract, breach of fiduciary duty, unfair competition and other wrongdoing.
Lance Gotko, an attorney at Friedman Kaplan Seiler & Adelman, representative for the defendants said that they are absolutely delighted to have this put behind them so that they, and Jefferies, can go forward.