Litigation Funder Claims Former GC Stole Secrets for New Venture

A litigation funder is suing its former general counsel for allegedly stealing confidential information to start a new, competing fund.

The funder, Siltstone Capital, alleges that Manmeet Walia while still an employee formed a competing business, diverted opportunities to the venture, and used confidential and propriety information. Siltstone also claims that one of its investors, Hazoor Select LP, worked with Walia to help finance the venture, called Signal Peak Partners.

“Such confidential and trade secret information is of significant economic value to Siltstone and would be of significant economic value to competitors in the investment management industry,” the funder’s counsel ...