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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