A recent federal case involving two financial trading firms in New York — where one sued the other for “stealing” their trading strategy by hiring away two employees — underscored the importance of noncompete clauses in employment agreements. During a hearing, the judge expressed surprise that the plaintiff no longer used noncompetes. “If he has got in his head such valuable data … why not have a noncompete?” the judge asked, remarking further that the plaintiff “was asleep at the switch.”
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