Integral Development Corp. announced today that the U.S. Ninth Circuit Court of Appeals ruled against EBS BrokerTec CTO Viral Tolat in the misappropriation of trade secrets case. EBS BrokerTec is a business of NEX Group plc (LSE:NXG).
Viral Tolat, who left Integral to join EBS BrokerTec, lost on four counts in Integral’s appeal to the U.S. Ninth Circuit Court of Appeals. Integral sued Tolat alleging that Tolat had taken Integral’s source code and other trade secrets just before leaving to work at EBS.
In finding for Integral, the Ninth Circuit reversed the District Court’s summary judgement on claims relating to Tolat’s misappropriation of Integral’s source code under the California Uniform Trade Secrets Act, and Tolat’s copyright infringement, and vacated the District Court regarding Integral’s claim of Tolat’s breach of fiduciary duty, and Tolat’s breach of contract. The case is now remanded to the District Court so that Tolat must face a trial on the merits. The court’s findings were published this week and are available here: https://cdn.ca9.uscourts.gov/datastore/memoranda/2017/01/11/14-16629.pdf
Tim Mahota, General Counsel for Integral, stated: “We are pleased and agree with the Ninth Circuit’s ruling in the case. We look forward to presenting the evidence of Tolat’s actions to a jury and obtaining a just result for Integral and its shareholders.”
Integral services banks, brokers, investment managers and market makers enabling them to design, deliver and grow their FX businesses. Integral’s FXCloud is the industry’s most flexible and reliable trading platform combining features for liquidity management, pricing, distribution and risk management. Trusted by over 200 top-tier financial institutions, Integral delivers access to FXCloud as pre-packaged solutions – BankFX, MarginFX, AgencyFX, InvestorFX, and OCX – to enable our customers to tailor their system for specific client needs and grow their businesses. Founded in 1993, Integral maintains development, support, and sales offices in Palo Alto, New York, London, Tokyo, and Bangalore. For more information, visit www.integral.com. ©2016 Integral Development Corp. All rights reserved. Integral technology is protected under U.S. Patent Nos. 6,347,307; 7,882,011; 8,417,622; 8,862,507 and patent pending applications and related intellectual property.