Westport-Based Bridgewater Falsified Evidence, Panel Says: Report

WESTPORT, CT — An arbitration panel recently ruled that hedge fund giant Bridgewater Associates "manufactured false evidence" in a fight against former employees who the Westport-based company accused of stealing trade secrets, reports Financial Times.

In the fall of 2017, Bridgewater filed a complaint against Lawrence Minicone and Zachary Squire, alleging the two breached their contracts with the company in part by taking trade secrets. The two had left the company in 2013.

In its ruling, the panel determined that the supposed trade secrets were not as described, and instead was publicly available information and common knowledge within the industry. Minicone and Squire co-founded Tekmerion Capital Management, a competing hedge fund which prompted Bridgewater's action.

The panel awarded $2 million from Bridgewater to pay for the pair's legal fees, but Bridgewater reportedly is appealing that decision.

Read the Financial Times story