Hartford Financial Services Group Inc. sued rival Arch Capital Group Ltd. and three former employees, alleging they used trade secrets in an effort to "destroy" a subsidiary of the Connecticut insurer.
Hartford said in the lawsuit, filed in New York State Supreme Court on Thursday, that Arch "conducted an unlawful corporate 'raid' " by hiring more than 60 managers, underwriters and employees from a unit that insures financial obligations and corporate boards.
Hartford Financial Products, the New York subsidiary at the heart of the lawsuit, employs about 250 people.
