BTIG Alleges StoneX Leaders Plotted Secrets Theft to Compete

BTIG LLC said senior executives at StoneX Group Inc. directed staff poached from BTIG to steal proprietary software code so that the rival brokerage and investment bank could better compete with sophisticated automated trading tools, according to a court filing.

BTIG, which previously sued StoneX for $200 million in November in California, on Thursday filed complaints in federal courts in Chicago and New York against two former BTIG employees in what it claims was “one of the greatest financial-industry trade secret frauds in recent history.”

StoneX’s management figured that by recruiting talent from BTIG, it could quickly build products that ...