Lawyers also revealed that the trade earned Jane Street $1 billion last year and was on pace to earn even more for the firm this year.
Jane Street worried about extinguishing the trade's viability, Brown said, intentionally leaving short-term profits on the table to maintain its long-term viability.
But the company's profits from the strategy plummeted in the month after the traders joined Millennium, Jane Street says, falling 50% in March.
Engelmayer denied the temporary restraining order, saying Jane Street did not establish irreparable harm.
Jane Street may believe irreversible harm has already taken place, given its desire to keep details of the trade secret, including the country it operates in.
Persons:
—, Jane Street, Paul Engelmayer, pilfered, Doug Schadewald, Daniel Spottiswood, Jane, Deborah Brown, Quinn Emanuel, Engelmayer, Brown, Spottiswood, Andrew Levander, Levander, Jane Street's, Rollo Baker, Elsberg Baker, Maruri, Judge Engelmayer, Baker
Organizations:
Service, Management, Business, Millennium, Jane Street, Bloomberg
Locations:
Manhattan, India, Schadewald