It turns out the little healthcare banking scuffle between UBS and Jefferies wasn't the first time these two titans have clashed over some form of theft. UBS confirmed yesterday that it charged three former members of its algorithmic trading group with stealing 25,000 lines of source code and taking the trade secrets to Jefferies, a story first reported by Dealbreaker. The sticky-fingered trio are now integrated into Jefferies' global quantitative strategies trading unit and, according to their lawyer, being tormented by their former employer for running away with code that they pinky swear isn't being used.
UBS has twice pulled out of settlement talks and is hell bent on torturing my clients rather than finding out if the source code is being used.
Presumably UBS learned their lesson and gave Ben Lorello a full cavity search before letting him walk out the door.
UBS Charges 3 Ex-Employees With Code Theft [Securities Industry News]