N.D. Ga.

Lending Company Says Ex-Executive Used Trade Secrets to Benefit Competitor

Vero Finance Technologies v. Julie Maddox, Civil Action 1:22-cv-04186-AT (N.D. Ga., Oct. 20, 2022)

Vero is a commercial lending platform that works with banks to provide financing for manufactured goods dealers, including in the automotive industry. Julie Maddox is Vero’s former Vice President of Sales and Operations, and she oversaw sales operations in Georgia, the Carolinas and Virginia as part of the company’s executive team.

In her role with Vero, Maddox had direct knowledge of confidential information, including the company’s contracts with customers. She resigned in May 2022 and the plaintiffs allege she used that knowledge of Vero’s trade secrets to benefit NextGear, a competitor of Vero’s.

The lawsuit alleges that she used Vero’s proprietary, confidential information related to lending activities to target and seize Vero-financed vehicles at an Atlanta car dealership. The plaintiffs say Maddox signed a non-competition restrictive covenant and a proprietary information and inventions agreement (PIIA) when she was hired at Vero and that her recent actions violate both.

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