The Yipit/M Science lawsuit ends
Yipit's trade secret case against M Science and its employees was finally dismissed on November 17th, 2025, after more than 12 months of litigation. The case, which had little to do with the data products of the companies, drew attention to the alternative data industry as it approaches the mainstream. In many ways, this type of litigation is typical and reflective of growth at two of the largest alternative data providers. Much like the data providers' clients themselves, data companies are also fighting for proven talent and increasingly depend on IP to scale.
The history of the case
Yipit filed its complaint against two former M Science employees in October of 2024. At the time, I underestimated the attention the case would attract. It was always focused on alleged theft of client-related information and pricing, not data sourcing methods or clear product IP issues (although product was part of the complaint), which could have been more relevant to clients. But the complaint also included embarrassing screenshots and "gotcha"-type messages from M Science employees that bruised the company’s image.
By January of 2025, Yipit had expanded its claims to M Science. People were concerned that the dispute could spread to M Science's parent company, Jefferies, or drag client communications or client lists into a public docket. M Science filed its own complaint against Yipit shortly thereafter, also alleging trade secret theft – in this case, by a former employee whose access to M Science data continued while he worked for Yipit.
The litigation drew media coverage and online chatter, with numerous industry publications and blogs tracking the case. In the end, the litigation ended with only a brief dismissal filing without details of any settlement payments or other agreements (if any were made) - as these are typically confidential.
Industry reactions
People following the litigation mostly expressed a desire to see it end, given the possibility of unwanted attention on the industry and clients, or even damage to either company's products, as litigation expenses mounted. Glacier published a short analysis demonstrating that it was unlikely that the litigation would drive M Science out of business. Others remained interested in the drama of the case.
Lessons learned
There is some speculation that M Science paid Yipit to resolve its claims. This assumption seems reasonable. More importantly, M Science seems positioned to continue its business and return to its focus on delivering on its roadmap.
Unfortunately, having settled, the case does not leave us with much in the way of legal precedent. It is a sign that data disputes are spreading beyond the two primary categories of business that have been the most contentious: large-scale web scraping businesses and "data broker" businesses processing personal data. Formerly niche alt data businesses and aggregators such as Yipit and M Science are now large enough to attract conventional corporate disputes as client growth and talent retention become more challenging. As these data businesses expand into new markets or engage in M&A, the frequency and intensity of these disputes may increase.
Don D'Amico
Founder & CEO, Glacier Network
©2025 Glacier Network LLC d/b/a Glacier Risk (“Glacier”). This post has been prepared by Glacier for informational purposes and is not legal, tax, or investment advice. This post is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. This post was written by Don D’Amico without the use of generative AI tools. Don is the Founder & CEO of Glacier, a data risk company providing services to users of external and alternative data. Visit www.glaciernetwork.co to learn more.