Friday, October 08, 2010, 10/08/2010 02:52:00 PM

Bank of America Sues Ex-Programmer for Trade Secret Theft

By Todd

Reuters is reporting that Bank of America has accused a former computer programmer of stealing trade secrets from databases before he left the bank last month. The litigation against Rao Chalasani was filed in federal court in New York and is capitioned Bank of America v Rao V. Chalasani, U.S. District Court for the Southern District of New York, No. 10-7681.

The complaint alleges that Mr. Chalasani sent an email on Sept. 20 from his company address to a personal email address containing 21 files. The files allegedly "contain confidential and proprietary, nonpublic information concerning Bank of America, including profit and loss figures for different lines of its businesses throughout the world." Additionally, the bank alleges the information included the bank's "current trading positions in numerous securities and the company's assessment of risk."

The lawsuit said the email transfer was discovered on Sept. 30 in a regular review of emails containing unusually large attachments that company employees send to address outside the company.

We'll keep an eye on this story for you.


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