Piper Jaffray Inc. is suing four former employees and the hedge-fund-management firm they founded, Vermilion Capital Management, for allegedly stealing trade secrets about Piper’s technical research products. See Story.
According to Vermillion Capital’s website, they offer two sets of services: 1) an alternative investment fund, and 2) technical research. Piper Jaffray’s lawsuit alleges that Vermilion’s Hedge Fund did not take off and that their technical research product which they subsequently began selling was stolen from Piper Jaffray.
Piper Jaffray is bringing eight claims in the suit including misappropriation of trade secrets, breach of fiduciary duty, breach of contract and civil theft. Vermilion Capital denies all of these claims.