Jane Street Says Ex-Trader Mocked Millennium Before Joining (1)

Jane Street Group said a former trader whom it claims stole secret billion-dollar India options strategies for Millennium Management previously ridiculed his new employer’s own strategies as “dumb.”

In a court filing last week, Jane Street said the alleged comments by Doug Schadewald undercut the defense that the allegedly stolen strategies were based on “textbook” principles. Whether Jane Street’s strategies are unique is at the heart of the trade-secrets suit the proprietary-trading firm brought against Schadewald, fellow trader Daniel Spottiswood and Millennium in April.

If the strategies were well-known, other Millennium traders would have been using them, Jane Street lawyer ...