The soon to be former employee, Reuben Kenyan, who had worked at New York Life Investments for a year, was accused of stealing trade secrets related to the company’s investment strategies. According to the allegations, the employee downloaded confidential files containing sensitive information about the company’s investment portfolios and shared them with a competitor.
The theft of confidential information can have serious consequences for companies, including financial losses and damage to their reputation. In the case of New York Life Investments, the theft of trade secrets could potentially result in the competitor gaining an unfair advantage in the market.