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Jon Redway (Member, Washington, D.C.) was recently quoted by Financial Planning for an article dissecting the lawsuit brought against EnvestNet by FinancialApps. FinancialApps is suing the company for fraud and misappropriation of trade secrets after a partnership between the two firms soured earlier this year. Envestnet is alleged to have entered an agreement to develop a platform with FinancialApps, which they then tried to replicate as a separate, competing platform.
Jon argues that the case is not clear cut, as FinancialApps provided EnvestNet with coding for the program. “It's not like a case where the defendant was not given anything and went in and figured the trade secrets out for themselves,” Redway said. “What they were allegedly given was part of the trade secret. Code can definitely be a trade secret.”
