Markit to Settle Suit Against Former Employees Who Formed Rival Company
By Andrea Tan – Oct 20, 2011 10:09 PM ET
Markit Group Ltd. agreed to settle a lawsuit against two former employees in Singapore after they pledged not to compete with the firm for one year.
Zhibo Li, previously a vice-president of sales, and Shiyang Cui, who was an associate vice-president, are permanently banned from using or disclosing information obtained from Markit, according to a filing with the Singapore High Court this month.
Markit, a swap prices data provider, sued Li and Cui last month, accusing them of breaching their employment contracts and misusing the firm’s trade secrets to set up rival Fundamentrix Pte. Li and Cui are also banned from soliciting clients of the London-based company for one year.
Caroline Lumley, a spokeswoman at Markit, declined to comment yesterday on the agreement. Both Li and Cui didn’t reply to two e-mails seeking comment.
Markit, with more than 2,200 employees, provides derivative and bond data to customers, according to its website. Bloomberg LP, the owner of Bloomberg News, competes with Markit in selling information to the financial-services industry.
The case is Markit Asia Pte. & Ors v Zhibo Li & Ors S628/2011 in the Singapore High Court.
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