• Most Popular
  • Most Shared

IBM sues to block executive from moving to Apple

Fri Oct 31, 2008 2:59pm EDT

Stocks

   
A worker is silhouetted in front of a huge screen with the IBM logo in Hanover in this March 1, 2008 file photo. REUTERS/Hannibal Hanschke

(Reuters) - International Business Machines Corp (IBM.N) sued a top executive on Thursday to prevent him from joining Apple Inc (AAPL.O), court documents showed.

IBM said Mark Papermaster, who was vice president of the company's Blade Development unit until last week, signed a noncompete agreement with IBM that would prevent him from accepting a job with a competitor until one year after leaving the company.

In the suit filed at the United States District Court in Manhattan, IBM said Papermaster was one of its top 300 managers and had access to a wide range of the company's intellectual property and trade secrets.

Papermaster, who was with IBM for the past 26 years, served as a member of the company's Integration & Values Team since 2006.

"In his capacity as a member of the I&VT, Mr. Papermaster has gained access to confidential information concerning the company's strategic plans, marketing plans and long term business opportunities, including the development of specific IBM products," the company said.

Papermaster and Apple could not be immediately reached for comment by Reuters.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Kim Coghill)



More from Reuters

Photo

Accused 9/11 plotters may face NY "Guantanamo"

NEW YORK (Reuters) - If the men accused of plotting the September 11 attacks wonder what conditions they might face when they are moved to New York from Guantanamo Bay for trial, they can expect solitary confinement, 23-hour-a-day lockdowns, constant video surveillance and almost no visitors.

 A broker waits for a phone call as he trades on the dealing floor at ICAP in Jersey City, New Jersey December 9, 2009. REUTERS/Lucas Jackson

Easy come, easy go

After a run of easy money this year, fund managers cast a wary eye on investment prospects in 2010.  Full Article 

"I don't think this is the bottom. We're going to have more problems in the world economy. We're papering over the problems more than anything else."

Well-known investorJim Rogers,
on the sinking greenback and the fundamental problems with the U.S. economy