3rd Circ. Won’t Revive Hedge Fund Fintech Co.’s Comp Suit

By Bryan Koenig (June 30, 2022, 8:55 PM EDT) – A Third Circuit panel refused Thursday to revive financial services software provider SEI Global’s suit against rival SS&C Technologies, agreeing with a lower court that the row over a terminated business relationship amounts to a contract dispute, not a competition law fight.

The panel’s nonprecedential decision affirmed a Pennsylvania federal court’s dismissal of the suit in October 2020. It concluded that SEI Global Services Inc. has shown only potential injury to itself, and not to competition, from SS&C Technologies Holdings Inc.’s decision to terminate its contract with SEI. SEI had licensed portfolio accounting software used to service investment managers and hedge funds, but …

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