Data Theft: India

A US-based investment banking outfit called Thomas Weisel Partners LLC, is suing the French bank BNP Paribas and one of its Indian employees.

The case, being heard in a Californian court alleges that data theft.

Thomas Wiesel alleges that the departure in late 2007 of the head of research of its India unit ,who had access to confidential client information,  who left with his entire team and went to BNP. The loss of this person, and his team, forced the company to shut down its research unit in Mumbai which led to a loss of millions of dollars.

BNP Paribas, for its part, wants the case to be heard in India.

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