Marshall Wace pushes back on Citadel document demands in Shatz dispute
Marshall Wace has accused rival hedge fund Citadel of making excessively broad and burdensome demands for documents as the two firms continue to clash over the recruitment of former Citadel portfolio manager Daniel Shatz, according to a report by Bloomberg. In a filing with a New York court on Tuesday, Marshall Wace argued that Citadel is seeking unnecessarily extensive searches using terms that…
Marshall Wace is pushing back against Citadel's demands for documents in their ongoing dispute over the recruitment of former Citadel portfolio manager Daniel Shatz. According to a Bloomberg report, Marshall Wace claims that Citadel is making overly broad and burdensome requests for information, which it deems excessive and unnecessary.
The dispute is centered around an arbitration case between the two firms, where Shatz alleges that Citadel withheld a significant compensation award after his departure, alleging it was retaliation for concerns he raised about potential securities violations. Citadel, however, maintains that Shatz breached his employment agreement by taking confidential information before leaving and has sought access to Marshall Wace's communications and records as part of the dispute.
A New York judge ruled in June that Citadel could subpoena Marshall Wace records relevant to the arbitration, following Marshall Wace's efforts to block the subpoenas. The latest filing by Marshall Wace accuses Citadel of failing to comply with the court order and broadening the scope of its requests, which the firm describes as premature, unnecessary, and unwarranted.
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