A US court has dismissed a series of claims by fx platform provider Integral Development Corp. over the alleged leaking of sensitive information by former Co-Founder Viral Tolat upon joining rival EBS.
Following a longstanding legal battle that has spanned over a year, a California District Court dismissed a series of claims by FX platform provider Integral Development Corp, against its ex-CTO and co-founder Viral Tolat - who joined rival EBS last January.
ICAP's Acting Head of Communications, Serra Balls, speaking as a spokesperson for EBS, said to Forex Magnates' reporters regarding the latest case outcome, “This matter has now been decided by the court in favour of Viral on each and every count of this case. This was always our expectation and we are satisfied by the outcome.”
The charges focused around alleged misappropriation of firm-specific technology, source code and sensitive information by former Integral Co-Founder and Ex-CTO Viral Tolat, narrowing on the downloading of proprietary data onto a USB drive in the final days leading up to his exit from the company.
Mr. Tolat had been a mainstay at Integral for nearly twenty years, abruptly ending during the latter stages of 2012 via his resignation. The situation quickly deteriorated soon after with the attempted administering of a restraining order barring Tolat from taking up employment with rival FX firm EBS – these attempts were ultimately rebuffed with the order being rejected.
Integral’s Efforts Thwarted Again
Unfortunately for Integral its subsequent legal fortunes faired no better, as illustrated by the issuing of a recent ruling earlier last week, in which the California District Court rejected and dropped all of Integral’s claims, snapping a prolonged battle between the two parties.
Moreover, while the court did recognize Tolat’s download of Integral’s sourcing code, any charges of using this sensitive data at EBS on grounds of intellectual property law were dismissed as well.
According to the US Court manifest, “Integral relies on its conclusion that because Tolat downloaded a copy of Integral’s source code while still employed at the company but while engaged in discussions to seek employment with a competitor, Tolat must have used the information he downloaded improperly…there is no evidence in the record to support this conclusion.”
Forex Magnates opines that as in the case with legal proceedings, evidence - including direct and circumstantial evidence - is a key determinant, beyond a shadow of reasonable doubt, although these can obviously vary across different cases and jurisdictions.
While it's totally possible that Mr. Tolat may have downloaded the data for un-malicious reasons, such as having a copy for the purpose of backing up his files at the time (when he was still an employee although he would have been required to return the drive after or before leaving - a separate but related matter, as explained to Forex Magnates by persons familar with the case ), unless such direct evidence of misuse could support Integral's claims, such as if further discovery among parties revealed such a connection to evidence linking wrongdoing , then it will be tough for Integral to succeed in the case of an appeal unless a trial by jury determined otherwise.
Law Firm Defending Integral Releases Statement
At any rate, the unsuccessful plaintiff is always not happy when a case moves in an unfavorable direction, considering the cost and time involved in litigation, especially technology related cases that can be complex, and as can be seen in this case with regards to Integral legal representatives who commented in the following statement below:
"We at Computerlaw Group LLP (www.computerlaw.com) believe the Court's ruling disregards the law and admitted facts (including that Mr. Tolat downloaded trade secret source code of Integral to his own separate removable hard drive -- without any notification to anyone at Integral -- during the same week that he was resigning from Integral and joining EBS)," said Jack Russo, Managing Partner, COMPUTERLAW GROUP LLP, in a comment provided to Forex Magnates' reporters.
Mr. Russo concluded in the updated comment, "Ultimately, justice will prevail and we remain confident that the Ninth Circuit Court of Appeal will reverse this summary ruling and require that a full trial on the merits occur in this case. This ruling is just one step in a very long process."
Ultimately, the entire series of allegations surrounded the eventual haste in which EBS launched its liquidity service, EBS Direct, given the close proximity to Tolat’s resignation and recruitment. “The only fact established by this testimony is that, relative to Integral’s time to market, it took EBS a shorter time to market its competing product. This court does not find persuasive Integral’s conclusion that Tolat must have shared its trade secret information with EBS because the company was able to get a competitive product to market more quickly than Integral,” the US Court ruled.
Accordingly, while the court has made it decision, Integral's legal representatives are pursuing their efforts for an appeal, thus possibly extending the drawn out ordeal even further.
Following a longstanding legal battle that has spanned over a year, a California District Court dismissed a series of claims by FX platform provider Integral Development Corp, against its ex-CTO and co-founder Viral Tolat - who joined rival EBS last January.
ICAP's Acting Head of Communications, Serra Balls, speaking as a spokesperson for EBS, said to Forex Magnates' reporters regarding the latest case outcome, “This matter has now been decided by the court in favour of Viral on each and every count of this case. This was always our expectation and we are satisfied by the outcome.”
The charges focused around alleged misappropriation of firm-specific technology, source code and sensitive information by former Integral Co-Founder and Ex-CTO Viral Tolat, narrowing on the downloading of proprietary data onto a USB drive in the final days leading up to his exit from the company.
Mr. Tolat had been a mainstay at Integral for nearly twenty years, abruptly ending during the latter stages of 2012 via his resignation. The situation quickly deteriorated soon after with the attempted administering of a restraining order barring Tolat from taking up employment with rival FX firm EBS – these attempts were ultimately rebuffed with the order being rejected.
Integral’s Efforts Thwarted Again
Unfortunately for Integral its subsequent legal fortunes faired no better, as illustrated by the issuing of a recent ruling earlier last week, in which the California District Court rejected and dropped all of Integral’s claims, snapping a prolonged battle between the two parties.
Moreover, while the court did recognize Tolat’s download of Integral’s sourcing code, any charges of using this sensitive data at EBS on grounds of intellectual property law were dismissed as well.
According to the US Court manifest, “Integral relies on its conclusion that because Tolat downloaded a copy of Integral’s source code while still employed at the company but while engaged in discussions to seek employment with a competitor, Tolat must have used the information he downloaded improperly…there is no evidence in the record to support this conclusion.”
Forex Magnates opines that as in the case with legal proceedings, evidence - including direct and circumstantial evidence - is a key determinant, beyond a shadow of reasonable doubt, although these can obviously vary across different cases and jurisdictions.
While it's totally possible that Mr. Tolat may have downloaded the data for un-malicious reasons, such as having a copy for the purpose of backing up his files at the time (when he was still an employee although he would have been required to return the drive after or before leaving - a separate but related matter, as explained to Forex Magnates by persons familar with the case ), unless such direct evidence of misuse could support Integral's claims, such as if further discovery among parties revealed such a connection to evidence linking wrongdoing , then it will be tough for Integral to succeed in the case of an appeal unless a trial by jury determined otherwise.
Law Firm Defending Integral Releases Statement
At any rate, the unsuccessful plaintiff is always not happy when a case moves in an unfavorable direction, considering the cost and time involved in litigation, especially technology related cases that can be complex, and as can be seen in this case with regards to Integral legal representatives who commented in the following statement below:
"We at Computerlaw Group LLP (www.computerlaw.com) believe the Court's ruling disregards the law and admitted facts (including that Mr. Tolat downloaded trade secret source code of Integral to his own separate removable hard drive -- without any notification to anyone at Integral -- during the same week that he was resigning from Integral and joining EBS)," said Jack Russo, Managing Partner, COMPUTERLAW GROUP LLP, in a comment provided to Forex Magnates' reporters.
Mr. Russo concluded in the updated comment, "Ultimately, justice will prevail and we remain confident that the Ninth Circuit Court of Appeal will reverse this summary ruling and require that a full trial on the merits occur in this case. This ruling is just one step in a very long process."
Ultimately, the entire series of allegations surrounded the eventual haste in which EBS launched its liquidity service, EBS Direct, given the close proximity to Tolat’s resignation and recruitment. “The only fact established by this testimony is that, relative to Integral’s time to market, it took EBS a shorter time to market its competing product. This court does not find persuasive Integral’s conclusion that Tolat must have shared its trade secret information with EBS because the company was able to get a competitive product to market more quickly than Integral,” the US Court ruled.
Accordingly, while the court has made it decision, Integral's legal representatives are pursuing their efforts for an appeal, thus possibly extending the drawn out ordeal even further.
GCEX Adds Tokenized Oil as Crude Volatility Pulls Traders Back to Energy
Featured Videos
Precious Insights: APAC's Bullion Market amid Record Volatility
Precious Insights: APAC's Bullion Market amid Record Volatility
Precious Insights: APAC's Bullion Market amid Record Volatility
Precious Insights: APAC's Bullion Market amid Record Volatility
The precious metals rally has challenged how brokers and LPs think about hedging, pricing, and physical delivery. But with regional banks eyeing physical gold retail and bullion brokers across Southeast Asia harnessing new tech, volatility is not only in 'safe havens'.
This session gathers practitioners from across the bullion ecosystem to unpack what the rally means on the ground in APAC.
Attendees will walk away with:
Insight into the physical market dynamics driving retail demand across Southeast Asia, from central bank buying to store-of-value purchases
Understanding of Singapore's distinct role as APAC's bullion gateway, and competition near and far
Perspective on operational challenges unique to APAC: kilogram pricing, local delivery, and bridging CFD and physical bullion infrastructure
The precious metals rally has challenged how brokers and LPs think about hedging, pricing, and physical delivery. But with regional banks eyeing physical gold retail and bullion brokers across Southeast Asia harnessing new tech, volatility is not only in 'safe havens'.
This session gathers practitioners from across the bullion ecosystem to unpack what the rally means on the ground in APAC.
Attendees will walk away with:
Insight into the physical market dynamics driving retail demand across Southeast Asia, from central bank buying to store-of-value purchases
Understanding of Singapore's distinct role as APAC's bullion gateway, and competition near and far
Perspective on operational challenges unique to APAC: kilogram pricing, local delivery, and bridging CFD and physical bullion infrastructure
The precious metals rally has challenged how brokers and LPs think about hedging, pricing, and physical delivery. But with regional banks eyeing physical gold retail and bullion brokers across Southeast Asia harnessing new tech, volatility is not only in 'safe havens'.
This session gathers practitioners from across the bullion ecosystem to unpack what the rally means on the ground in APAC.
Attendees will walk away with:
Insight into the physical market dynamics driving retail demand across Southeast Asia, from central bank buying to store-of-value purchases
Understanding of Singapore's distinct role as APAC's bullion gateway, and competition near and far
Perspective on operational challenges unique to APAC: kilogram pricing, local delivery, and bridging CFD and physical bullion infrastructure
The precious metals rally has challenged how brokers and LPs think about hedging, pricing, and physical delivery. But with regional banks eyeing physical gold retail and bullion brokers across Southeast Asia harnessing new tech, volatility is not only in 'safe havens'.
This session gathers practitioners from across the bullion ecosystem to unpack what the rally means on the ground in APAC.
Attendees will walk away with:
Insight into the physical market dynamics driving retail demand across Southeast Asia, from central bank buying to store-of-value purchases
Understanding of Singapore's distinct role as APAC's bullion gateway, and competition near and far
Perspective on operational challenges unique to APAC: kilogram pricing, local delivery, and bridging CFD and physical bullion infrastructure
License to Fill: Market Liquidity amid Global Turmoil
License to Fill: Market Liquidity amid Global Turmoil
License to Fill: Market Liquidity amid Global Turmoil
License to Fill: Market Liquidity amid Global Turmoil
License to Fill: Market Liquidity amid Global Turmoil
License to Fill: Market Liquidity amid Global Turmoil
Asian markets bear unique characteristics, from connectivity to asset preference. The Singapore Summit will connect global executives and local experts across the liquidity chain to discuss volatility fluctuations, diversification vs over-reliance on single assets, and the role of trust and liquidity relationships in an increasingly automated sphere.
Asian markets bear unique characteristics, from connectivity to asset preference. The Singapore Summit will connect global executives and local experts across the liquidity chain to discuss volatility fluctuations, diversification vs over-reliance on single assets, and the role of trust and liquidity relationships in an increasingly automated sphere.
Asian markets bear unique characteristics, from connectivity to asset preference. The Singapore Summit will connect global executives and local experts across the liquidity chain to discuss volatility fluctuations, diversification vs over-reliance on single assets, and the role of trust and liquidity relationships in an increasingly automated sphere.
Asian markets bear unique characteristics, from connectivity to asset preference. The Singapore Summit will connect global executives and local experts across the liquidity chain to discuss volatility fluctuations, diversification vs over-reliance on single assets, and the role of trust and liquidity relationships in an increasingly automated sphere.
Asian markets bear unique characteristics, from connectivity to asset preference. The Singapore Summit will connect global executives and local experts across the liquidity chain to discuss volatility fluctuations, diversification vs over-reliance on single assets, and the role of trust and liquidity relationships in an increasingly automated sphere.
Asian markets bear unique characteristics, from connectivity to asset preference. The Singapore Summit will connect global executives and local experts across the liquidity chain to discuss volatility fluctuations, diversification vs over-reliance on single assets, and the role of trust and liquidity relationships in an increasingly automated sphere.
Regional Focus: Thailand, Vietnam
Regional Focus: Thailand, Vietnam
Regional Focus: Thailand, Vietnam
Regional Focus: Thailand, Vietnam
Regional Focus: Thailand, Vietnam
Regional Focus: Thailand, Vietnam
Bangkok is consolidating as Southeast Asia's broker hub for CLMV access, while Vietnam's trading volumes have made it harder to ignore from any regional headquarters. Most brokers know both exist. Fewer have tested what operating there actually requires.
This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
Bangkok is consolidating as Southeast Asia's broker hub for CLMV access, while Vietnam's trading volumes have made it harder to ignore from any regional headquarters. Most brokers know both exist. Fewer have tested what operating there actually requires.
This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
Bangkok is consolidating as Southeast Asia's broker hub for CLMV access, while Vietnam's trading volumes have made it harder to ignore from any regional headquarters. Most brokers know both exist. Fewer have tested what operating there actually requires.
This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
Bangkok is consolidating as Southeast Asia's broker hub for CLMV access, while Vietnam's trading volumes have made it harder to ignore from any regional headquarters. Most brokers know both exist. Fewer have tested what operating there actually requires.
This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
Bangkok is consolidating as Southeast Asia's broker hub for CLMV access, while Vietnam's trading volumes have made it harder to ignore from any regional headquarters. Most brokers know both exist. Fewer have tested what operating there actually requires.
This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
Bangkok is consolidating as Southeast Asia's broker hub for CLMV access, while Vietnam's trading volumes have made it harder to ignore from any regional headquarters. Most brokers know both exist. Fewer have tested what operating there actually requires.
This session gathers practitioners with on-the-ground experience in both markets to examine what it takes to build and run operations in Thailand and Vietnam.
Attendees will walk away with:
A clear view of setup requirements in both markets: entity structures, timelines, and what first-time operators tend to get wrong
Understanding of the offshore broker model and how compliant operators work within domestic restrictions in each jurisdiction
Insight into talent acquisition, client onboarding, and distribution in markets where language, culture, and acquisition channels don't follow standard APAC assumptions
Perspective on adjacent Southeast Asian markets worth monitoring for the next regional move
Join The Club: What Premium Clients Want
Join The Club: What Premium Clients Want
Join The Club: What Premium Clients Want
Join The Club: What Premium Clients Want
Join The Club: What Premium Clients Want
Join The Club: What Premium Clients Want
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
High-net-worth traders account for an outsized portion of revenues for various retail brokers.
This session will gather heads of premium, acquisition, and product experts to reveal how they build their client base in Asia.
Attendees will walk away with:
Understanding of how brokers view premium clients (beyond deposit size).
Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
Buying The Deep: Digital Asset Adoption in APAC and Beyond
Buying The Deep: Digital Asset Adoption in APAC and Beyond
Buying The Deep: Digital Asset Adoption in APAC and Beyond
Buying The Deep: Digital Asset Adoption in APAC and Beyond
Buying The Deep: Digital Asset Adoption in APAC and Beyond
Buying The Deep: Digital Asset Adoption in APAC and Beyond
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
