SmartStream Technologies claims ex-CEO Philippe Chambadal violates Injunction Order

Maria Nikolova

“Defendant Chambadal has thumbed his nose at this Court’s orders”, says SmartStream Technologies’ Counsel.

SmartStream Technologies claims that its former CEO Philippe Chambadal has violated an Injunction Order by refusing to provide the information and devices, as directed by Judge Vernon S. Broderick of the New York Southern District Court in August this year.

The claims about the violation of the Injunction Order are made in a Letter by the Counsel for SmartStream Technologies. The company is targeting Mr Chambadal in a civil case over trade secrets.

In its Complaint, SmartStream Technologies alleges that Mr Chambadal who was provided with a 90 days’ notice of termination of his contract with SmartStream on January 5, 2017, retained corporate property and access to confidential information after this notice was issued. In particular, the company states that Mr Chambadal did not return a computer and a phone provided by his employer within the time frame requested. Furthermore, he made visits to cloud storage, used TimeMachine and deleted files on the computer after having been given notice of termination from SmartStream.

In August this year, Judge Broderick issued an Injunction Order directing the Defendant and his agents to return to SmartStream within 20 days of this Order any and all of SmartStream’s confidential information and property, including but not limited to any external hard drives or mirror images containing such information, or hard copy documents, in Defendants or his agents possession. The Defendant and his agents were ordered to produce for inspection to CFP within 20 business days of the Order all computers, external hard drives or other storage devices, tablets, smartphones, personal email accounts, cloud drives or other locations in Defendant’s possession, custody or control, to ensure they do not contain SmartStream’s information.

In the latest Letter to the Judge assigned to the case, SmartStream’s counsel says Mr Chambadal has failed to comply with the Injunction Order. Mr Chambadal is said to have refused to deliver any SmartStream information or property. His actions (or lack thereof) are interpreted by SmartStream as an ipso facto violation of the Injunction Order. Moreover, SmartStream alleges that he is currently using, disclosing, and/or misappropriating SmartStream’s confidential information and trade secrets.

“Defendant Chambadal has thumbed his nose at this Court’s orders”, the Letter says.

SmartStream intends to file a Motion For an Order To Show Cause Why Defendant Chambadal Should Not Be Held In Contempt.

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales.