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Hank Asher sued by former company

By: Bill Frogameni South Florida Business Journal Reed Elsevier, the Massachusetts-based parent of LexisNexis and Seisint, on Thursday filed a complaint in Palm Beach County Circuit Court, alleging that Asher is violating his non-compete agreement by starting a new company, TLFO, in Boca Raton. In 2004, Asher sold Seisint, his second major database company, to LexisNexis for several hundred million dollars. The deal included a non-compete agreement that is in effect until August. But, Faith Gay, an attorney for Reed Elsevier, said Asher started violating his five-year non-compete agreement "approximately" two years early. While Asher has said publicly that TLFO is doing only charitable work to help in the hunt for child predators until his non-compete expires, the suit alleges that Asher is already angling for market share.

Full post as published by The Trade Secrets Vault on April 05, 2009 (boomark / email).