Schadewald and Spottiswood, who joined Jane Street in 2018, were allegedly integral to the strategy’s development in 2023. Despite being bound by confidentiality agreements, Jane Street claimed the pair improperly shared the strategy with Millennium.
Counterclaims Rejected by the Court
In response, Millennium and the former employees filed counterclaims accusing Jane Street of acting in bad faith, asserting the litigation was intended to harm Millennium’s business and reputation. Schadewald and Spottiswood also sought a declaratory judgment naming them as the prevailing parties under their contracts with Jane Street.
U.S. District Judge Paul A. Engelmayer rejected these counterclaims in July, ruling that the Defend Trade Secrets Act does not support a standalone claim for attorney fees and finding no grounds under the Declaratory Judgment Act for the bad-faith filing claim. Judge Engelmayer’s order left Jane Street’s allegations as the focus of the case until Thursday’s dismissal.
Legal Teams Involved
Jane Street was represented by Quinn Emanuel Urquhart & Sullivan LLP, including attorneys Alex Spiro, Deborah K. Brown, Jeffrey C. Miller, Kaitlin P. Sheehan, Greg Miraglia, and Jeff Nardinelli. Millennium’s legal representation came from Dechert LLP, including Andrew J. Levander, May K. Chiang, Martin J. Black, and Daniel R. Roberts. Schadewald and Spottiswood were represented by Elsberg Baker & Maruri PLLC, with attorneys Rollo C. Baker, Alexandra Sadinsky, David Elsberg, Brian R. Campbell, Kateryna Shokalo, and Vivek Tata.
Case Comes to a Close
With the dismissal, the contentious case involving allegations of trade secret theft and accusations of litigation abuse has ended. The lack of disclosed terms leaves questions about whether the dispute was resolved through a settlement or other private arrangements, but the dismissal ensures the parties can now move forward without further court proceedings.
