Claim No: IL-2025-000064 - [2025] EWHC 2545 (Ch)

Fecha: 06-Oct-2025

The assertion that there are a certain number of stages in the development of a trading strategy at G-Research is the defendant’s own construct , in the sense that it is not said to be a framework ref

The assertion that there are a certain number of stages in the development of a trading strategy at G-Research is the defendant’s own construct, in the sense that it is not said to be a framework referred to, applied, or used at G-Research. Having expert evidence built upon that construct is itself likely to obscure the real issues. But further, and in any event, it is nothing to the point: whatever stage(s) – on the defendant’s construct – the information relates to, the ultimate question for the court will be the same: as a matter of fact, is the information of a trade secret quality in respect of which the claimants are entitled to protection.

Heading
Introduction
Background
Case management issues
Disclosure: legal principles
The first three of these propositions may be distilled from McParland , the fourth from Lombard North Central , and the fifth from PRS v Qatar Airways Group
Multiple, and overlapping, issues for disclosure should be avoided wherever possible
Disclosure: Submissions, analysis and conclusions
I have not yet decided whether this should form one of the issues for disclosure. But if it were to do so, then it would seem to me to eliminate all need for disclosure issue 4 since it makes it unnec
To the claimants’ knowledge, the defendant could not have replicated Humber elsewhere. Accordingly, the claimants’ case with respect to any Springboard relief (insofar as it is based on the possibilit
The defendant cannot see that this possibility has been considered by the claimants. The defendant is therefore concerned about the nature of any searches the claimants will have undertaken concerning
Further, I consider that the claimants place too much emphasis upon the defendant’s own repeated assertions, in contemporaneous documents, that he could (and would) ‘replicate’ Humber (as reproduced a
Expert evidence: legal principles
The burden of establishing that expert evidence is both (i) admissible and (ii) reasonably required (in the sense that it is not just ‘potentially useful’ ) is on the party which seeks permission to a
Barings is authority for propositions (1) and (2); Clifford for proposition (3); The RBS Rights Issue Litigation for proposition (4); British Airways for propositions (5) to (9); and Astex for proposi
At p. 11, the tribunal described the respondents’ experts’ evidence as “ independent, impressively detailed and completely credible ,” and further that
Ms Goodman submits that this arbitral decision demonstrates the utility of an expert in this type of assessment as lawyers are obviously ill-equipped to know, and the court will be ill-equipped to adj
In Henderson & Jones Ltd v Salica Investments Ltd [2025] EWHC 475 (Comm) , Calver J (at paragraph 236) is said to have ordered expert evidence to assist in determining “ (i) whether the allegedly conf
The decision tells the court nothing about whether or not expert evidence should be ordered in a case governed by the Civil Procedure Rules. That case involved an arbitration. Mr Craig KC rightly says
Practical utility of confidential information The defendant proposes to rely on the expert evidence of Mr Colin Knight, a qualified trader with over 20 years’ experience in trading strategies. Ms Goodman points out that algorithmic trading was ac
The claimants have themselves relied on the expert report of Mr Winrow to analyse the coding data extracted from the defendant’s electronic devices, as evidenced by A & O Shearman’s letter of 5 Septem
It is the claimants who bear the burden of proof in this case, which concerns the nature, and value, of technical descriptions of algorithmic trading strategies and actual code. They are required to p
Stage in trading strategy development – identifying which stage in the trading strategy development process each piece of ‘confidential information’ (as defined in the particulars of claim) pertained
The assertion that there are a certain number of stages in the development of a trading strategy at G-Research is the defendant’s own construct , in the sense that it is not said to be a framework ref
Public domain assessment – assessing whether the ‘confidential information’ was, as a matter of fact, generic and/or widespread industry knowledge within the field of quantitative investment, such tha
The claimants emphasise that the defendant well knows that the information in issue in this case is not generic and/or widespread industry knowledge. That is precisely why he admits to saying (in an u
Valuation of confidential information – determining the value of the ‘confidential information’ to a competitor, including with reference to various dates The claimants’ case is that the defendant well knows that Humber is highly valuable: see the co
Retention of value – Assessing whether, and to what extent, the ‘confidential information’ is likely to retain its value over time, including over a one-year period of garden leave Quite apart from the disproportionate nature of the exercise (not lea
Practical utility of confidential information – Assessing whether, and to what extent, other businesses (including Citadel Securities) could utilise the ‘confidential information’ in their business ac
If material at all, this is a question of fact; but, in any event it is extremely difficult to understand how an expert would be able to opine on this matter: it suggests that there would be some reco
Stage in trading strategy development The claimants submit that the assertion that there are a " number of stages in the development of a trading strategy " is a mere construct. The defendant contends that there is a logical difference be
Public domain assessment
The defendant submits that, at most, he referred to Humber at the highest degree of generality, and that the summary to which the court was referred was of minimal value. The parties are, accordingly
Valuation of confidential information At paragraph 3 of their particulars of claim, the claimants plead that the claim " concerns the defendant's misuse and copying of the claimants' extremely valuable and sensitive confidential informati
Retention of value Even if the defendant had the requisite knowledge and ability to ‘replicate’ Humber, establishing when Humber is likely to lose its value (through the process of alpha decay) will be the primary consi
Practical utility of confidential information Conclusions