Coward found guilty of theft, faces 3 mln legal bill

By Petros Mavros

Martin Coward, the former IKOS chief investment officer has lost his software copyright case against the asset management company and a London court ruling has ordered him to pay 85% of IKOS’s legal costs which now amounts to a hefty 3 mln pounds.

Judge Sarah Asplin found in favour of the Cyprus-based hedge fund headed by the founder Elena Ambrosiadou.
Coward and his estranged wife have altogether filed over 40 law suits against each other in four countries, but key to these is this dispute regarding the critical IKOS software and which IKOS accused Coward of stealing.
Coward admitted in court that he did indeed download the IKOS proprietary material. Now he has been ordered by the court to return or destroy any copies made of IKOS quantitative trading software, and he is also banned from using, consulting, disclosing, copying, communicating or publishing any part of this material.
In addition, he has undertaken with legal enforcement from a court affidavit to remove completely any part of this software currently being used in his new hedge fund company.
Alan Tooker, Director of IKOS Asset Management Limited, when asked to comment on the judgment said: “This confirms once and for all ownership by IKOS of our unique software. For us, ownership has never in doubt and the decision by the court has finally put an end to the matter.”
“We of course will continue to be vigilant in protecting IKOS trade secrets and know-how, as we focus on the continued growth and success of the company and at the same time in this electronic world we continue to be dedicated in maintaining stability and continuity to any investment structure as these depend on the absolute security of intellectual property.” (photo: www.contactmusic.com )