Izzy Englanders Millennium Partners has agreed to pay $20 million to settle a long-running complaint filed by Renaissance Technologies that claims Millennium appropriated proprietary trading strategies.
Renaissance, the $24 billion quantitative hedge fund firm founded by Jim Simons, filed the suit in December 2003 after two traders Pavel Volfbeyn and Alexander Belopolsky left to join Millennium.
Renaissance is also suing the traders individually for misappropriating intellectual property. Both traders were dismissed by Millennium on May 31 as part of the settlement with Renaissance, according to a Renaissance spokeswoman.
From the day they left Renaissance, I believed