The case involves a dispute between a securities trading firm called SIG and two former employees who violated their employment contract by forming a competing joint venture and using a formula developed by a SIG trader to trade Dow Futures. SIG filed a counterclaim seeking an injunction preventing the former employees from trading and damages for various claims. The District Court granted SIG’s motion for a permanent injunction to enforce the noncompetition agreements and denied SIG’s motion for summary judgment regarding disgorgement of profits and its claim for misappropriation of trade secrets. The District Court found that the proper measure of damages for SIG’s claims was its lost profits, which it could not establish, but allowed SIG to seek an award of nominal damages. The court denied SIG’s claim for restitution damages based on the net trading profits made by the breaching parties, citing the American Air Filter case and the ATACS case. The court affirmed the denial of SIG’s claim for trade secret protection for its Dow Futures trading methodology’s profitability, which requires demonstrating certain elements in Pennsylvania.

Fishkin v. Susquehanna Partners, G.P. (2009)
United States Court of Appeals for the Third Circuit
340 F. App’x 110

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