"The lawsuits, which centered on claims that two employees stole trade secrets from one rival and passed them on to another, rocked the alternative data world. These firms have grown in scale and revenue as hedge funds and asset managers use their datasets to find differentiated intel to inform bets. Yet, it remains a relatively small industry where everyone knows everyone."
""There is a sense of industry-wide relief that these companies (and their clients) are out of the spotlight," said Don D'Amico, the founder of Glacier Network, which advises data buyers and sellers. Yipit declined to comment. M Science and Jefferies did not respond to requests for comment. The fight began in October of 2024 when Yipit, known for providing hedge funds with data drawn from credit card receipts, sued two former employees."
Carlyle-backed Yipit and Jefferies-owned M Science agreed to drop their lawsuits against each other as part of a settlement, with the terms not made public. The legal filings centered on claims that two former Yipit employees stole trade secrets and shared client information and strategic plans, including a planned Apple-focused dataset. Yipit first sued in October 2024 and later expanded claims to include M Science and its leadership, alleging encouragement of the departing employees. The dispute drew attention across the small alternative data industry, prompting relief among peers and concern about client reactions. Both companies declined to comment.
Read at Business Insider
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