From the Wires
True North Vantage Suing JitneyTrade for $53,200,000
By: Marketwired .
Jan. 31, 2013 07:00 AM
TORONTO, ONTARIO -- (Marketwire) -- 01/31/13 -- Daniel Schlaepfer, President of True North Vantage Inc., today announced the commencement of legal proceedings in the Ontario Superior Court of Justice against JitneyTrade Inc. and Oscar Ribeiro.
In addition to seeking an injunction restraining the defendants from using its confidential information, True North Vantage seeks $52,700,000 in damages for conversion and conspiracy to damage its economic and contractual interests, and a further $500,000 in punitive and exemplary damages.
True North Vantage recently acquired the Canadian-based trading business of a former client of JitneyTrade. JitneyTrade, an IIROC member firm registered with the OSC and AMF, and Mr. Ribeiro are alleged to have conspired together to misappropriate True North Vantage's confidential information.
True North Vantage and its parent company, Select Vantage Inc., are funds specializing in intra-day trading strategies.
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