Hedge fund ACPI to sue RMG to prevent confidential information leak
ACPI Investments is reportedly set to sue rival hedge fund management company RMG Wealth Management in order to prevent confidential information being used by its competitors.
The lawsuit centres on financial professional Stephen Greene, who was formerly ACPI’s chief investment officer within the company’s hedge fund arm. He left the company in April 2010, after repeatedly complaining about his treatment at the company. Greene even went so far as to file a bullying and harassment lawsuit against his former employers.
Greene is now at RMG Wealth Management, which has found itself the target of the ACPI lawsuit. In the lawsuit, ACPI – which is based in London and is run by ex-Goldman Sachs employees Brett Lankester and Alok Oberoi – states its intention to seek an injunction banning RMG from using any confidential information gained from Greene.
The company believes that by using or disclosing information gained from what they see as Greene’s breach of contract and duties, RMG would be taking unfair and unlawful advantage. Should the injunction be granted and RMG uses this information anyway, they may have to rely heavily on their professional indemnity insurance to cover the consequences.
ACPI is also seeking damages in this case, as well as the return of all documents and information deemed to be confidential in nature.
Posted by Stephen Heath on December 19, 2010 in News, Professional Indemnity Insurance | Leave a comment |