A state judge has thrown out a request by Loan Pricing Corp. for a temporary restraining order against a competitor, Intralinks Inc.
New York State Supreme Court Justice Barry A. Cozier ruled late Wednesday that Loan Pricing "has not sufficiently supported its allegations" that a customer list and marketing information allegedly stolen by Intralinks were, in fact, trade secrets.
In his decision, Justice Cozier also noted that Intralinks has returned the customer list and marketing information and has promised not to distribute or use it.
The ruling left both sides claiming victory in the lawsuit filed last Friday by Loan Pricing, which accused Intralinks of stealing confidential information. Both companies deliver trade and statistical information to the syndicated loan market.
James Carter, an attorney for Loan Pricing, said his client is satisfied by Intralinks' promise to return documents.
Mr. Carter said that Justice Cozier is "just saying the standard is high for this kind of injunction and you haven't fulfilled them."
But Mark Adams, Intralinks chief executive, said the customer list in question was readily available public information. He described Loan Pricing's suit against Intralinks as "a competitive tactic."
Intralinks was co-founded in 1996 by Mr. Adams, a former vice president of Kidder, Peabody & Co., and financed by former Apple Computer chief executive John Sculley, through Sculley Brothers LLC.
Mr. Sculley is a member of Intralinks' three-member executive advisory board. His brother, Arthur Sculley, a former J.P. Morgan & Co. executive, is Intralinks' chairman.
Since its founding, Intralinks' business has boomed. More than $14 billion of loans have been syndicated through Intralinks electronic products, including a $4 billion loan for Compaq Computer Inc.
Loan Pricing, a unit of Reuters Group PLC, was founded in 1985.
Another hearing in the suit is scheduled May 19.