Freedom International Brokerage has filed a multimillion-dollar lawsuit against Tullett Prebon Canada, accusing its rival of hacking into its computer system thousands of times to steal proprietary information, according to local press reports.
Citing court documents, the National Post, says Cantor Fitzgerald-owned Freedom has filed suit against Tullett Prebon Canada, its president Dennis Marcotte and "John Doe(s)".
The suit accuses the defendants of conspiring to "surreptitiously" obtain Freedom proprietary information by using client IDs and passwords without consent to log-on to the network.
No later than 2007, Tullett accessed, or attempted to, the network over 22,000 times, and then used the information for its commercial advantage and to harm Freedom's business, says the lawsuit.
The suit also claims Tullett destroyed evidence of its activities after learning Freedom had obtained information and was likely to bring litigation.
According to the Post, the Ontario Superior Court of Justice has issued an order requiring Tullett Prebon to return all property belonging to Freedom.
Lawyers for Tullett Prebon, Ogilvy Renault, have filed a notice of intent to defend and Marcotte is expected to follow, says the paper.
Bond brokerage claims rival hacked system 22,000 times - National Post