BondIT has taken the extraordinary step of issuing a press statement announcing that they are suing JP Morgan (NYSE:JPM), alleging theft of its tech. JP Morgan is, of course, one of the largest and most respected banking firms in the world.
BondIT is an Israeli Fintech in the fixed income sector that aims to supply firms with technology for portfolio monitoring, investment analysis, and compliance.
According to BondIT, JP Morgan selected them after a competitive selection process. After two years of “partnership negotiations,” BondIT claims that JP Morgan pilfered their technology, including proprietary alternative intelligence, and then halted negotiations to partner with the firm.
BondIT points a finger at JP Morgan as emblematic of mega corporations abusing their size and influence to pressure a smaller firm and “drain their intellectual capital with no accountability.”
BondIT CEO Etai Ravid says that no firm should be able to do what JP Morgan did to them. Ravid adds that if “left unchecked” this type of behavioiur will “stifle innovation across the Fintech ecosystem.”
JP Morgan has not commented on the allegations.
BondIT, represented by Quinn Emanuel Urquhart & Sullivan, has filed the lawsuit with the New York Supreme Court’s Commercial Division.
