(June 29 – 14:45 ET) – AIM Management Group Inc. of Houston is suing Derek Webb, the fund manager who recently defected to C.I. Fund Management Inc., for breach of contract.
AIM is also suing C.I. Last week it was announced that Webb would be leaving AIM to set up shop at C.I. in a joint venture with Webb taking over a C.I. fund and starting several new ones through the summer. One analyst says that Webb approached C.I. about the move.
Peter Anderson, president at C.I. says, “We believe the Texas legal action is unwarranted and without merit. We are vigorously defending our decision to create our partnership with Derek Webb.”
AIM is seeking a temporary restraining order, a temporary injunction and a permanent injunction against Webb alleging that he didn’t give proper notice and is breaching a non-compete clause in his contract.
A hearing on that matter was held yesterday afternoon in District Court of Harris County in Houston, although it has reportedly since been moved to federal court for a hearing this morning.
The petition against Webb and C.I. says, “Based on Webb’s communication with C.I. and C.I.’s own statements, AIM has reason to believe that Defendants intend to use and have used AIM’s confidential, proprietary and trade secret information obtained by Webb by virtue of his employment by AIM. In doing so, they will obtain an unfair advantage over AIM in servicing or attempting to service AIM’s existing customers and potential customers, hiring AIM’s employees and otherwise competing with AIM by the use of improper means.”
Both sides report that the judge has since asked them to refrain from commenting on the case.
-IE Staff