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Brandes plans to fight AIM Funds lawsuit

The firm of high-profile money manager Charles Brandes plans to fight a $600-million lawsuit launched by AIM Funds Management Inc. alleging that Brandes employees stole confidential information from their rival. On Thursday, Toronto-based AIM launched a lawsuit against Brandes Investment Partners LLC of San Diego, Calif. and its Canadian unit, Brandes Investment Partners & Co. of Toronto. The suit alleges that two former AIM employees obtained analysis, business plans and sales plans while working with AIM, then later moved to Brandes and gave them the proprietary material. The suit further alleges that Brandes used the information in setting up its own funds in Canada. The suit names eight former AIM employees, including Oliver Murray, who is currently president and chief operating officer of Brandes Investment in Canada. Brandes executives said that the company has had discussions with AIM to try to resolve the dispute.

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