[ISN] Ipreo sues Goldman Sachs for data theft

From: InfoSec News <alerts_at_private>
Date: Mon, 10 May 2010 00:24:13 -0500 (CDT)

By Jaikumar Vijayan
May 7, 2010

Ipreo Holdings LLC, a New York-based provider of software and market 
intelligence services for investment banking and corporate clients, has 
filed a lawsuit against financial giant Goldman Sachs alleging copyright 
infringement and theft of trade secrets.

The lawsuit, filed in U.S. District Court for the Southern District of 
New York on Thursday, charges several unidentified employees of Goldman 
Sachs with illegally accessing an Ipreo database and stealing data from 

The lawsuit seeks at least $1 million in compensatory damages and 
another $2 million in punitive damages from Goldman Sachs.

A spokeswoman for Goldman said the claims were without merit but offered 
no other comment.

Ipreo maintains a database called Bigdough, which it claims took years 
of effort and substantial investment to build. According to the 
company's description of Bigdough, the database is the most complete and 
accurate listing of "buy-side portfolio and asset managers, sell-side 
institutions, funds and 80,000 contacts in the financial industry." The 
company claims over 16,000 subscribers to the database.


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Received on Sun May 09 2010 - 22:24:13 PDT

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