Big hedge fund firm Millennium sued by Jane Street for allegedly stealing strategy

NEW YORK, April 12 (Reuters) - Millennium Management, one of the world's largest hedge fund firms, was sued on Friday by rival Jane Street Group, which accused it of stealing a valuable in-house trading strategy after two traders defected. Jane Street said the traders Douglas Schadewald and Daniel Spottiswood had been "intimately" involved in developing the strategy before resigning separately to join Millennium in February. It said the theft became apparent when its profit from the strategy plunged more than 50% almost immediately after Schadewald left. Jane Street said it...