Lightkeeper sues Arcana for trademark, trade-secret theft

Lightkeeper filed a federal lawsuit against Arcana Analytics in the U.S. District Court for the District of Massachusetts, alleging trademark infringement and misappropriation of trade secrets.

The complaint says Arcana published website screenshots in August that closely matched the structure and wording of Lightkeeper’s confidential reports and dashboards. Lightkeeper identifies the Fund Overview, Historical Metrics, MTD Attribution and Components of Return reports as examples of material it says was reproduced.

Lightkeeper, a Boston-based provider of portfolio intelligence, data management, analytics and reporting software for investment managers, asserts the reporting structures reflect more than 15 years of development driven by client requirements. The company says those structures are protected by contractual confidentiality provisions, nondisclosure agreements and technical safeguards.

The complaint also raises trademark claims. Lightkeeper reports it has used the phrase INSIGHTS AT THE SPEED OF THOUGHT since June 2022 and that the U.S. Patent and Trademark Office placed the mark on the Principal Register in March 2024. The filing notes Arcana promoted a competing portfolio analytics application using the tagline “Insight at the speed of thought,” differing from Lightkeeper’s registered mark by the singular form.

Dean Schaffer, Lightkeeper’s president and chief executive, described the decision to sue as a response to what the company identified as use of confidential reporting materials and a similar tagline in Arcana’s marketing. The complaint seeks remedies under federal statutes for trademark infringement and trade secret misappropriation.

Lightkeeper’s filing details specific similarities in headings, groupings of metrics and analytical relationships, arguing the matches go beyond common industry conventions. The complaint says the contested screenshots were published by Arcana in August and that the trademark registration appears on the Principal Register in March 2024.

The lawsuit names Arcana Analytics as the defendant. The complaint does not include a public statement from Arcana, and the allegations have not been proven in court.