Ex-Jane Street Traders Deny Stealing Secrets for Millennium

Two former Jane Street Group traders denied the firm’s allegation that they stole a confidential and “immensely valuable” proprietary trading strategy to use in their new jobs at Millennium Management.

Jane Street last week sued Douglas Schadewald and Daniel Spottiswood along with Millennium. According to the Manhattan federal court suit, the traders were “intimately involved” in the development of the strategy and are now using it at Izzy Englander’s hedge fund group.

Schadewald and Spottiswood said in a Thursday letter to the judge in the case that “they have not used any even arguable trading secret of Jane ...