Illegal Database Access Goldman Sachs has been hit with a $3 million lawsuit by a company that alleges the brokerage firm stole intellectual property from its database that had market intelligence facts.
The U.S. District Court for the Southern District of New York filed the lawsuit in 2010 claiming Goldman Sachs employees used other people's access credentials to log into Ipreo's proprietary database, dubbed Bigdough. Offered on a subscription basis, Bigdough provides detailed information on more than 80,000 contacts within the financial industry.
Ipreo complained to the court that Goldman Sachs employees illegally accessed Bigdough at least 264 times in 2008 and 2009.
Do you agree or disagree with the lawsuit? Should Goldman Sachs be held responsible for rogue employees' behavior? What types of policies should Goldman Sachs implement to ensure this does not occur again?