Lightkeeper, a provider of portfolio intelligence, data management, analytics and reporting software for investment managers, has filed a federal lawsuit against Arcana Analytics, alleging trademark infringement and the misappropriation of trade secrets.

The complaint, filed in the US District Court for the District of Massachusetts, alleges that Arcana published website screenshots in August that closely resembled the structure and content of Lightkeeper's confidential reports and dashboards.

Lightkeeper claims the materials mirrored the organisation of its Fund Overview, Historical Metrics, MTD Attribution and Components of Return reports, including their headings, metric groupings and analytical relationships. According to the complaint, the reporting structures are the product of more than 15 years of development driven by client requirements and are protected through contractual confidentiality provisions, nondisclosure agreements and technical safeguards.

The Boston-based company also alleges that Arcana subsequently began promoting a competing portfolio analytics application using the tagline "Insight at the speed of thought". Lightkeeper says the phrase differs from its federally registered INSIGHTS AT THE SPEED OF THOUGHT trademark only through the use of the singular rather than plural form.

Lightkeeper has used the trademark since June 2022, with the US Patent and Trademark Office registering it on the Principal Register in March 2024, according to the company.

Dean Schaffer, Lightkeeper's president and chief executive, said the company decided to pursue legal action after discovering what it described as the use of confidential reporting materials and a similar trademark in Arcana's marketing.

The allegations have been made by Lightkeeper in its complaint and have not been established in court.