Hedge Funds

Renaissance faces setback in Millennium suit


Renaissance Technologies has hit an early snag in its litigation against two former employees, Pavel Volfbeyn and Alexander Belopolsky, whom the firm is suing along with their new employer, Millennium Partners, for theft of trade secrets after the duo joined Millennium after being fired from Renaissance.

New York County Supreme Court Justice Ira Gammerman issued a ruling denying a motion for preliminary injunction that would have prevented Volfbeyn and Belopolsky from working for Millennium in the short term. The judge's ruling means that the pair are free to continue working for Millennium, where they have been employed since late