Securities-Tracking Trade Secret Case Revived by Ninth Circuit

Oct. 15, 2020, 6:27 PM

InteliClear LLC’s trade-secrets case against a company that allegedly copied its securities-tracking system was ended prematurely by a California federal court, the Ninth Circuit said Thursday.

InteliClear created a comprehensive electronic system to manage accounting, securities clearance, and securities settlement services at stock brokerage firms. ETC Global Holdings Inc. licensed the software, and InteliClear accused ETC of misusing the system to build its own after ETC terminated their agreement. InteliClear sued ETC for misappropriating trade secrets in the “logic and architecture” of its securities-tracking database under federal law, among other things.

The U.S. District Court for the Central District of...

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