Swiss bank UBS files code theft lawsuit

As it became known, in an incident with striking parallels to the previous Goldman Sachs code theft case UBS in March filed a lawsuit against three former quant traders alleging that they stole proprietary algorithmic trading software with the intent of using it at their new employer Jefferies. 

A lawsuit against the head of its North American quant trading desk Jatin Suryawanshi and his colleagues Partha Sarkar and Sanjay Girdhar was filed by the UBS. Three men have since joined rival broker Jeffries, alleging that they conspired to steal more that 250,000 lines of source code referring to its top secret algorithmic trading programs. Thus, according to the lawsuit, men deleted documents from UBS computers in order to conceal their unfair actions and performed services for Jeffries while still under employment at UBS. 

Nevertheless, the three men are litigating accusation and deny their actions of taking any source code and using it for any purpose other than for UBS.

Before joining UBS, Suryawanshi used to work for Goldman Sachs on the algorithmic trading desk.