Bridgewater Associates LP loses an arbitration dispute it had introduced in opposition to two former investment staff who began their very own hedge fund, a uncommon setback for Bridgewater that would hamper its means to restrict former staff’ choices after they go away the agency.
The world’s largest hedge fund, with $140 billion in belongings, Bridgewater is run by billionaire Ray Dalio. Mr. Dalio has gained widespread recognition past the hedge-fund world in advocating for what is called radical transparency in managing firms.
Bridgewater introduced a case in opposition to the 2 former staff, Zachary Squire and Lawrence Minicone, about 4 years after they left Bridgewater in 2013 and began Tekmerion Capital Administration LP. The hedge fund argued “claims for misappropriation of commerce secrets and techniques, breaches of contract and unfair competitors,” in line with July 1 court docket filings by the previous staff’ attorneys.
These filings didn’t say what Bridgewater was in search of.