The court has approved part of the case against Mr. Tolat, who joined rival EBS, will be settled for an undisclosed sum. Forex Magnates has learned that the ex-CTO agreed to a reduced payment for his firm’s shares value.
According to court documents, Integral Development Corp, and their ex-CTO, Viral Tolat, who joined rival EBS in 2013, have reached a financial settlement in part of their ongoing case. The court case is based on claims by Integral that included that Tolat was in violation of breach of contract, trade secret misappropriation, and California securities law. In connection to the case, Tolat issued counter claims against Integral.
At the heart of the accusations was whether and how Tolat used the source code at EBS. While Integral and EBS, known for its interbank FX ECN, may have in the past been considered to have little overlap in their businesses, this has recently changed with the creation of EBS Direct. Launched live in November of last year, EBS Direct provides relationship-based FX Liquidity aggregation, and competes against other providers of such technology, including FXall, Integral and Currenex.
In two rulings that took place in October 2013 and February of this year, California courts judged in favor of Tolat, dismissing all eleven claims against him by Integral, and in favor of his counterclaims. Following the rulings, the judgment was appealed by Integral, and in May the two sides came together to commence a settlement agreement. Last week, California courts announced that the two sides had executed their settlement. As per court documents, following the settlement, two claims by Integral against Tolat, that of violations of Federal and California Securities Law have been dismissed, along with Tolat’s counterclaims. While settlement details were not provided in the court documents, Forex Magnates has learned that Tolat agreed to a reduced payment by Integral for the value of his shares he owned in the firm. According to sources, Integral views the reduced value of Tolat's ownership as substantiating their initial claims against Tolat for securities fraud.
Following the settlement, still being appealed by Integral are the court’s earlier rulings in favor of Tolat of nine other claims. The claims include misappropriation of trade secrets, breach of contract, copyright infringement and violation of computer fraud.
According to court documents, Integral Development Corp, and their ex-CTO, Viral Tolat, who joined rival EBS in 2013, have reached a financial settlement in part of their ongoing case. The court case is based on claims by Integral that included that Tolat was in violation of breach of contract, trade secret misappropriation, and California securities law. In connection to the case, Tolat issued counter claims against Integral.
At the heart of the accusations was whether and how Tolat used the source code at EBS. While Integral and EBS, known for its interbank FX ECN, may have in the past been considered to have little overlap in their businesses, this has recently changed with the creation of EBS Direct. Launched live in November of last year, EBS Direct provides relationship-based FX Liquidity aggregation, and competes against other providers of such technology, including FXall, Integral and Currenex.
In two rulings that took place in October 2013 and February of this year, California courts judged in favor of Tolat, dismissing all eleven claims against him by Integral, and in favor of his counterclaims. Following the rulings, the judgment was appealed by Integral, and in May the two sides came together to commence a settlement agreement. Last week, California courts announced that the two sides had executed their settlement. As per court documents, following the settlement, two claims by Integral against Tolat, that of violations of Federal and California Securities Law have been dismissed, along with Tolat’s counterclaims. While settlement details were not provided in the court documents, Forex Magnates has learned that Tolat agreed to a reduced payment by Integral for the value of his shares he owned in the firm. According to sources, Integral views the reduced value of Tolat's ownership as substantiating their initial claims against Tolat for securities fraud.
Following the settlement, still being appealed by Integral are the court’s earlier rulings in favor of Tolat of nine other claims. The claims include misappropriation of trade secrets, breach of contract, copyright infringement and violation of computer fraud.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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