Hedge fund Bridgewater Associates was found by a panel of arbitrators to have"manufactured false evidence" in a case in which the company attempted to prove that its former employees had stolen trade secrets.
The Financial Times newspaper first reported the findings from a court filing, which was made public Monday.Bridgewater Associates had started the case against two former employees, Zachary Squire and Lawrence Minicone, with the claim that they breached their contracts and misappropriated trade secrets.
"We conclude that Claimant did not have a reasonable basis for filing its claims of misappropriation of trade secrets or disclosure of confidential information as to Squire or Minicone," according to the documents, which quoted the findings of a panel of three arbitrators of the American Arbitration Association.
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