Lawyer denies having access to Interactive Brokers’ confidential source code materials

Maria Nikolova

William S. Shepherd says accusations made against him over accessing certain materials about Interactive Brokers are unfounded.

A 75-year old member of the bar of the state of Texas has filed a Declaration with the Connecticut District Court as he tried to rebuff accusations against him about accessing confidential materials in a lawsuit targeting online trading major Interactive Brokers Group, Inc. (IEX:IBKR). In the document seen by FinanceFeeds, William S. Shepherd insists he has not had access to any confidential materials in the case.

The lawsuit in question was brought by a former client of the brokerage – Robert Scott Batchelar. He and a purported class of customers of Interactive Brokers LLC claim they were harmed by alleged “flaws” in the computerized system used by the brokerage to close out (i.e., liquidate) positions in customer brokerage accounts that have margin deficiencies. The case targets Interactive Brokers LLC, Interactive Brokers Group, Inc., and Thomas A. Frank.

The parties in this case dispute whether Plaintiff’s counsel should be permitted to use the information obtained from review herein of Defendants’ Source Code, including testimony provided by a Source Code Qualified Person, in a separate matter, proceeding, action, investigation or arbitration involving any of the Defendants and a claimant other than Plaintiff. Put bluntly, Interactive Brokers would like to make sure that whatever information regarding its trading systems is revealed, it stays within this particular lawsuit and cannot be used in another lawsuit.

Earlier this month, the brokerage voiced its concerns that confidential discovery produced herein may be used for purposes other than the prosecution of this litigation and that Plaintiff’s counsel would be consulting with attorneys who have not appeared as counsel of record in this case regarding this litigation. According to Interactive Brokers, in a confidential arbitration involving Interactive Brokers LLC and customers other than Batchelar, counsel for the customers sought all discovery produced in this action. The name of William S. Shepherd was then mentioned.

In the latest Court filings in this case, William S. Shepherd seeks to dismiss the allegations made by Interactive Brokers. He says:

“I have not had access to any of the documents produced by Defendants in the above-styled matter which are stamped Confidential, Attorney’s Eyes Only, Source Code, or similar derivative. Because I have not had access to any confidential information of Defendants, I do not have the ability to disclose it to anyone and I have not disclosed any such Information.

I am not counsel of record for any plaintiff in any action pending against Defendants”.

“I am 75 years of age and am receiving treatment for medical conditions which for the past year has prevented me from active involvement in this or any other cases”, William S. Shepherd notes.

The case continues at the Connecticut District Court.

Read this next

blockdag

BlockDAG’s $28.5M Presale Ignites Investor Frenzy! Dashboard Upgrade Unveils Top Rankings, Overshadowing Retik Finance Listings!

Learn how BlockDAG’s updated dashboard, featuring detailed community rankings, is diverting investor interest from Retik Finance’s anticipated market entries.

Digital Assets

Gala Games reportedly hacked for $200 million, token nosedives

The native token of crypto gaming project Gala Games (GALA) dropped sharply amid rumors of a massive transfer worth over $200 million that traders suspected might be a hack.

Digital Assets

Ether skyrockets amid rumors of spot ETF approval

The chances of the U.S. government approving spot Ether ETFs have increased, according to top Bloomberg ETF analysts. Initially viewed as unlikely, analysts James Seyffart and Eric Balchunas now see a 75% chance of approval, up from 25%, following recent developments.

Digital Assets

New York judge approves $2 billion settlement with Genesis

A New York bankruptcy judge has approved a $2 billion settlement between the New York State Attorney General’s office and crypto lender Genesis, marking the largest settlement against a crypto firm in the state’s history.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, ECB, Geopolitical Tensions, May 20 ,2024

Fed holding rates to fight inflation, ECB likely cuts June rates, geopolitical tensions favor safe-haven USD

Digital Assets

Grayscale CEO steps down, replaced by Goldman Sachs veteran

Grayscale CEO Michael Sonnenshein after 10 years with the digital asset investment firm, the company said on Monday.

blockdag

Influencers Fuel BlockDAG’s $28.4M Presale Amid Solana Price Surge & Kaspa Bull Run

Dive into BlockDAG’s presale success, boosted by influencer endorsements. Explore the Solana price surge and Kaspa’s bullish sentiments.

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 20 May, 2024

EURGBP currency pair can be expected to fall further toward the next support level 0.8525, which is the low of the previous corrective wave ii.

Digital Assets

Pump.fun exec arrested for $1.9 million exploit, claims bail in UK

Jarett Dunn, a former employee of the memecoin creator and trading platform pump.fun, claims he was arrested and subsequently released on bail in the United Kingdom following a $1.9 million exploit on the platform.

<