News & Analysis as of

Misappropriation High Frequency Trading

McDonnell Boehnen Hulbert & Berghoff LLP

New York v. Aleynikov -- On Second Thought, New York State's Penal Code (Unlike Federal Criminal Law) Covers Electronic...

As the saying goes, hard cases make bad law. And it certainly looked improper when Sergey Aleynikov downloaded high-frequency trading ("HFT") source code as he was leaving his job as a Goldman Sachs programmer, at least to...more

Katten Muchin Rosenman LLP

Bridging the Weeks - May 2018

Two trading firms within a group structure were fined US $2 million in aggregate by the Commodity Futures Trading Commission for alleged violations of various provisions of law and CFTC rules related to their cotton futures...more

Orrick - Trade Secrets Group

The Saga Continues: New York’s Highest Court Will Weigh in on Aleynikov’s Fate

On April 20, 2017, the New York Court of Appeals issued a brief order continuing former Goldman Sachs programmer Sergey Aleynikov’s eight-year voyage through the state’s and country’s legal systems. Here’s the issue: does...more

McDonnell Boehnen Hulbert & Berghoff LLP

New York v. Aleynikov: New York State’s Penal Code (Like Federal Criminal Law) Does Not Cover Electronic Reproduction of Source...

In 2009, Sergey Aleynikov was a computer programmer employed by Goldman Sachs to write high-frequency trading code. He accepted an offer to join a new Chicago-based company, Teza Technologies. Before he left Goldman Sachs,...more

McDonnell Boehnen Hulbert & Berghoff LLP

Another Aleynikov Trade Secrets Case Ends with Narrower Statute

In 2009, Sergey Aleynikov was a computer programmer employed by Goldman Sachs to write high-frequency trading code. He accepted an offer to join a new Chicago-based company, Teza Technologies. Before he left Goldman Sachs,...more

Dorsey & Whitney LLP

This Week In Securities Litigation

Dorsey & Whitney LLP on

The Commission brought cases related to HFT this week, but not against those traders. One action involved the operations of one of the largest dark pools. A second involved two exchanges. Each action involved specific types...more

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