Element Wins Non-Compete Fight With Squarepoint-Bound Trader

An arbitrator ruled that hedge fund Element Capital Management can enforce a non-competition agreement against former equity markets head Jonathan Dorfman, delaying his move to Squarepoint Capital.

Element’s arbitration victory last month was disclosed Tuesday when the fund asked a New York judge to confirm its win. Squarepoint announced in April that Dorfman would be joining it as global equity capital markets head. The following month, Dorfman asked an arbitrator to void his six-month non-compete.

The trader argued that the provision was unjustified because his work at Element didn’t involve any confidential information or trade secrets. But arbitrator ...