Paul Hastings Secures Trade Secrets Win for Fintech Innovator Aeldra Financial
Palo Alto – Paul Hastings, a leading global law firm, secured a trade secrets win on behalf of Aeldra Financial Inc, a fintech bank, in a suit brought by the CEO’s former employer, a multinational bank, alleging misappropriation of trade secrets relating to the bank’s mobile banking platform.
The client, Aeldra, was under a preliminary injunction that had effectively stopped the growth of the company when Paul Hastings was first engaged on this fast-moving, bet-the-company case. In a matter of weeks, the Paul Hastings team quickly scored a game-changing win by discovering a published patent application by the multinational bank that disclosed the trade secret information it alleged Aeldra of misappropriating, as well as a binding arbitration clause indicating the suit should not have been filed in federal district court.
In less than two months of the team working on the case, Judge Orrick (N.D. Cal.) granted the team’s motion to dissolve the preliminary injunction and ordering the case to arbitration, enabling Aeldra to continue its efforts to scale up quickly as the first global private retail bank to attract Indian nationals and the Indian diaspora to banking in the regulated U.S. financial system.
Founded in 2019, Aeldra Financial Inc is a pioneering Silicon Valley-based “digital neo bank” that is democratizing global banking. The world's first truly global consumer banking platform, Aeldra offers borderless banking for everyone who needs it across geographies.
The Paul Hastings cross-office, cross-practice team was led by Global IP Co-Chair Yar Chaikovsky and Litigation partner Bo Pearl, and included associates Andy LeGolvan, Boris Lubarsky, and David Fox.
Paul Hastings’ Intellectual Property practice advises clients on important, complex IP matters, providing innovative solutions for clients’ challenges with a track record of success in high-stakes, bet-the-company patent and trade secret litigation and other IP disputes in trial and appeals courts, at the PTAB and the ITC, and in arbitral tribunals.
The practice is ranked by Chambers and Partners, IAM, The Legal 500, Managing IP, and Benchmark Litigation in various areas, including patent, trade secrets, ITC litigation, and PTAB practice, as well as by BTI Consulting as a “Go-To Litigation Firm” and “Best for Complex IP Litigation” in its annual Intellectual Property Outlook report. Paul Hastings IP lawyers have been selected numerous times as Law360’s “Most Valuable Players” and as Trailblazers by The National Law Journal, The Recorder, The New York Law Journal, and The Daily Journal.