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 has vehemently rejected Citadel's demand for extensive documents in their ongoing dispute over former portfolio manager Daniel Shatz. Bloomberg reported that Marshall Wace accused Citadel of making overly broad and burdensome requests, which the firm described as highly common and unnecessary. The conflict stems from an arbitration case where Shatz claims Citadel withheld an eight-figure deferred compensation payment, suggesting it was retaliation for Shatz raising concerns about potential securities violations.
Citadel, on the other hand, alleges Shatz breached his employment agreement by taking confidential information before leaving and has sought access to Marshall Wace's communications and records. A New York judge recently ruled that Citadel could subpoena Marshall Wace's records relevant to the arbitration. Marshall Wace had previously attempted to block these subpoenas, arguing Citadel was using the discovery process to harass a competitor.
The latest filing by Marshall Wace followed Citadel's earlier accusation of non-compliance and a request to clarify that specific executives fall within the scope of the subpoenas. Marshall Wace maintains they should complete document production soon and fully comply with the court's order, rejecting Citadel's requests as premature, unnecessary, and unwarranted.
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