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Citadel accuses Marshall Wace of blocking court-ordered evidence search
A New York judge ruled in June that Citadel could obtain records from Marshall Wace tied to its arbitration with Daniel Shatz, but Citadel says the firm delayed access for nearly three months.
Citadel has accused rival hedge fund Marshall Wace of obstructing a court-ordered document search as the two firms fight over the recruitment of former Citadel portfolio manager Daniel Shatz, according to a report by Bloomberg.
In a filing with a New York court, Citadel alleged that Marshall Wace failed to fully comply with subpoenas seeking records related to Shatz’s 2024 move to London-based Marshall Wace, where he became global head of credit.
Citadel is also in arbitration with Shatz, who says the firm improperly withheld an eight-figure deferred compensation package after his departure. Citadel argues Shatz forfeited the payment by breaching his employment agreement and misappropriating confidential information, and it says Justice Andrea Masley ordered access to relevant records in June.
Citadel told Justice Masley that Marshall Wace spent nearly three months delaying evidence access and that it attempted to “stonewall” requests. The hedge fund is seeking an order requiring Marshall Wace to include senior executives Anthony Clake and Alan Hofmeyr in the search, and to expand search terms to capture additional communications tied to Shatz’s recruitment and the creation of Marshall Wace’s credit operation, while Marshall Wace reportedly declined to comment.