ActForex Inc. sued Boston Merchant Financial Ltd. for allegedly infringing copyrights in software used for trading foreign currencies online.
In a complaint filed today in Manhattan federal court, ActForex accused the Boston-based broker-dealer of misappropriation of trade secrets, breach of contract, tortious interference, unfair competition, fraud and unjust enrichment. ActForex, which is seeking damages and injunctive relief, also said Boston Merchant poached one of its software designers.
About $1.5 trillion is traded daily in the foreign exchange market over the counter, by phone, by fax or online. ActForex said its main business is licensing its foreign-exchange trading platforms to broker-dealers such as Boston Merchant, which has been a customer since 2001.
ActForex alleges that an employee it put in charge of customizing Boston Merchant’s software in 2008 was recruited to “work surreptitiously” for the broker-dealer and later joined the firm.
A phone call to Boston Merchant’s offices after business hours wasn’t immediately returned.
The case is ActForex Inc. v. Boston Merchant Financial Ltd. 12-cv-6282, U.S. District Court, Southern District of New York (Manhattan).
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