Orbixa Technologies Suing JitneyTrade and Co-Conspirators for $41,900,000

Jack_Larkin · Jan 26, 2013

http://www.reuters.com/article/2013/01/24/idUSnCCNwHmTVa+1d6+MKW20130124

Marketwire

Orbixa Technologies Inc.

January 24, 2013 - 10:20:08 AM

Orbixa Technologies Suing JitneyTrade and Co-Conspirators for $41,900,000

TORONTO, ONTARIO--(Marketwire - Jan. 24, 2013) - Peter Beck, founder and
President of Orbixa Technologies Inc., today announced the commencement of
legal proceedings in the Ontario Superior Court of Justice against JitneyTrade
Inc., Oscar Ribeiro, Kamal Mansouri and Eidolon Systems Inc.

In addition to seeking an injunction restraining the defendants from using
Orbixa's confidential information, Orbixa seeks $38,400,000 in damages for
breach of duty of confidentiality, breach of fiduciary duty and conspiracy to
damage its economic and contractual interests, as well as $3,000,000 in
damages for conversion of its property and a further $500,000 in punitive and
exemplary damages.

Mr. Ribeiro was formerly employed by Orbixa. Mr. Mansouri and Eidolon Systems
performed technical programming services for Orbixa before allegedly
misappropriating multiple elements of Orbixa's intellectual property in order
to create a trading software platform called Spire.

JitneyTrade, an IIROC member firm registered with the OSC and AMF, was the
Canadian broker for Orbixa's largest client, a multinational day-trading firm
previously known as Swift Trade Global Markets. JitneyTrade is alleged to have
conspired with the other defendants to misappropriate Orbixa's and its
client's confidential information.
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Jack_Larkin · Jan 26, 2013

I figured this might be interesting to some since Orbixa == old Swift, and Jitney not only is a broker but I believe they run a prop shop in Montreal as well.

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Orbixa Technologies Suing JitneyTrade and Co-Conspirators for $41,900,000

Jack_Larkin

Jack_Larkin