Marex Capital sued by RVassets for allegedly stealing listed options trading platform
The lawsuit alleges that while ED&F Man Capital Markets Inc. (now Marex Capital Markets Inc.) was a customer of RVassets, it hired employees David Hoffman and Jason Margiotta to gain improper access to RVassets’ proprietary listed options trading software platform. Subsequently, ED&F Man launched its competitive OptionsLive platform in late 2020, which continues to be offered by Marex, even after its acquisition.
RVassets Ltd., a prominent financial technology leader based in London, has filed a federal trade secret misappropriation lawsuit against Marex Capital Markets Inc., a global financial services firm.
The lawsuit, filed on September 27, 2023, in the U.S. District Court for the Eastern District of Illinois, alleges that Marex Capital Markets and two of its employees illicitly leveraged their access to RVassets’ cutting-edge cloud-based platform for algorithmic pricing and execution of listed options to secretly develop and launch a competing software platform named OptionsLive.
RVassets, represented by attorneys from the intellectual property and business litigation firm Caldwell Cassady & Curry, has requested a jury trial for claims that include trade secret misappropriation under the Illinois Trade Secrets Act and the federal Defend Trade Secrets Act, tortious interference, fraud, fraudulent concealment, and unjust enrichment.
In addition to seeking damages for its losses and Marex’s unjust enrichment, RVassets is pursuing punitive damages and attorneys’ fees in the lawsuit.
ED&F Man (now Marex) was a customer of RVassets
RVassets was founded in 2014 by CEO Thomas Fitch, a seasoned financial industry professional with previous roles at prominent institutions like Dresdner Bank, BNP Paribas, and JP Morgan.
The company developed a proprietary software platform based on Mr. Fitch’s algorithms designed for pricing and executing listed options, including U.S. treasury options traded on the Chicago Mercantile Exchange. This software was a pioneering solution in the market, offering functionality that was not commercially available elsewhere.
RVassets licensed its software with stringent terms prohibiting unauthorized use and reverse engineering. The lawsuit alleges that while ED&F Man Capital Markets Inc. (now Marex Capital Markets Inc.) was a customer of RVassets, it hired employees David Hoffman and Jason Margiotta to gain improper access to RVassets’ proprietary listed options trading software platform. Subsequently, ED&F Man launched its competitive OptionsLive platform in late 2020, which continues to be offered by Marex, even after its acquisition.
Brad Caldwell, one of the attorneys representing RVassets, stressed the seriousness with which they regard trade secret protection and their commitment to pursuing legal remedies against Marex for trade secret misappropriation. He noted that their primary objective is to safeguard their client’s valuable intellectual property and that they eagerly anticipate presenting their case in court.
RVassets seeks not only compensation for its losses but also punitive damages and attorneys’ fees. It underscores the importance of maintaining the integrity of trade secrets and intellectual property rights in the rapidly evolving world of financial technology.2023-09-27 0001 - RVassets - COMPLAINT filed by RVassets Ltd.