Citadel sues former employees

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Top-shelf programmers, the guys who develop the algorithms that firms need to trade competitively, are hot commodities these days. Citadel Investment Group has sued a former executive in its quantitative trading unit and two others for setting up their own firm, Teza Technologies, reports Reuters

Teza Technologies just happens to be the firm that tried to hire Sergey Aleynikov, who stands accused of stealing proprietary code from Goldman Sachs. The former employees sued by Citadel are Mikhail Malyshev, Jace Kohlmeier and Matthew Hinerfeld. Apparently, Citadel didn't find out about their new venture until last week. Malyshev apparently had agreed to a 9 month non-compete arrangement. Teza Technologies says the suit is an attempt to harass the company.

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