Jane Street Group LLC and Millennium Management LLC have officially resolved their trade secrets dispute, according to a joint stipulation of dismissal filed Thursday in New York federal court. The litigation centered on allegations of misappropriation of a proprietary trading strategy developed by Jane Street.
Claims Dismissed With Prejudice
The dismissal, agreed upon by Jane Street, Millennium, and two former Jane Street employees, terminates all claims and defenses with prejudice, ensuring they cannot be refiled. In the concise filing, the parties agreed to bear their own legal fees and court costs. However, the filing did not disclose whether the resolution involved a settlement or any specific terms. Attorneys for the parties did not respond to requests for comment late Thursday.
Allegations of Trade Secret Misappropriation
Jane Street accused former employees Douglas Schadewald and Daniel Spottiswood of taking a confidential trading strategy to Millennium when they joined the firm earlier this year. The strategy, described as “highly confidential,” was developed after years of research and reportedly provided Jane Street with a competitive edge in trading options in India. The firm claimed its profits declined due to the alleged trade secret misappropriation.
