Markit Group Ltd., a provider of data on bonds and credit-default swaps, sued two former employees in Singapore, claiming they breached their employment contracts and misused the firm’s confidential information.

Markit accuses these employees to systemically and deliberately siphoning off Markit’s proprietary information to set up rival company called Fundamentrix Pte, according to a lawsuit filed with the Singapore High Court earlier this month.

Markit is a leading, global financial information services company with over 2,300 employees. The company provides independent data, valuations and trade processing across all asset classes in order to enhance transparency, reduce risk and improve operational efficiency. Its client base includes the most significant institutional participants in the financial marketplace.

Source: Bloomberg