Financial innovator takes legal action against ex-spouse's business over disputed trading software ownership
The split between Martin Coward and Elena Ambrosiadou, a former BP executive turned hedge fund manager, has been making headlines since their divorce in 2009. Since then, the pair has been embroiled in a series of lawsuits across various courts around the globe.
The latest dispute involves an algorithmic trading software that Coward developed for Ikos Asset Management, a hedge fund he founded. Coward alleges that his ex-wife's current firm, Phaestos, is using this software without permission. However, Phaestos is not a defendant in the current trial.
Coward left Ikos Asset Management following the divorce and set up a new hedge fund in Switzerland. In 2011, Ikos Asset Management accused Coward of stealing its intellectual property when he started his new venture. Coward countersued the company last year, claiming that they used his intellectual property, but subsequently withdrew the suit.
In 2009, Coward made headlines again when he leaked divorce papers to the press. The media attention surrounding their split has not waned, with the latest lawsuit being another chapter in this ongoing saga.
Ambrosiadou, in response to a request for comment from news agency Bloomberg, stated that "electronic theft laws need to be introduced in the UK and Europe."
The trial involving the use of the algorithmic trading software is being heard in the UK high court this week. As of the current search results, there are no available updates on the lawsuit between Martin Coward and Elena Ambrosiadou's company Phaestos regarding the alleged stolen algorithmic trading software.
Martin Coward is known for his pioneering use of algorithmic trading software. His innovative approach has been a significant factor in the financial industry. Despite the legal battles, Coward continues to make strides in the field, having set up a successful hedge fund in Switzerland.
[1]: Link to the search results discussing typefaces and fonts unrelated to the legal matter. [2]: Link to the search results discussing the legal matter, but with no available updates.
In the ongoing legal dispute, Martin Coward's claims of unauthorized usage of his algorithmic trading software by Elena Ambrosiadou's current firm, Phaestos, are under consideration in the UK high court. Amidst this, Coward's innovative contributions to business through finance technology continue to make significant impacts in the industry.
