Stevens Capital says former employee violated non-compete agreement

By Noddy A. Fernandez | Aug 9, 2018

PHILADELPHIA — Stevens Capital Management LP is suing a former employee, citing alleged misappropriation of trade secrets and unfair competition.

PHILADELPHIA — Stevens Capital Management LP is suing a former employee, citing alleged misappropriation of trade secrets and unfair competition.

Stevens Capital Management filed a complaint July 16 in the U.S. District Court for the Eastern District of Pennsylvania against John Leone and Centerwave Capital LLC, claiming the defendants violated the Pennsylvania Uniform Trade Secrets Act.

According to the complaint, Leone informed Stevens Captial on March 19 that he planned to start a hedge fund and/or investment advisory firm in the Philadelphia region. 

Although Stevens Capital allegedly reminded Leone of restrictive covenants in his employment agreement and told him the proposed hedge fund was in direct violation of the non-competition provision of his contract, he allegedly continued to directly compete with Stevens by working extensively on his new hedge fund venture, Centerwave. 

The plaintiff claims Leone used Stevens Capital's trade secret information without its consent to develop and market Centerwave, failing his duty to maintain the information's secrecy and limit its use.

The plaintiff requests a trial by jury and seeks preliminary and permanent injunctions, damages, costs, an extension of Leone's non-compete period and other relief as the court deems appropriate. It is represented by Risa Boerner, Paul Greco and Heather Steele of Fisher & Phillips LLP in Radnor, Pennsylvania.

U.S. District Court for the Eastern District of Pennsylvania case number 2:18-cv-02955-CMR

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Fisher & Phillips LLP U.S. District Court for the Eastern District of Pennsylvania

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