Chatham Financial Corp. v. Milhaus, LLC and Pillar Markets Inc.

CourtDistrict Court, D. Delaware
DecidedOctober 28, 2025
Docket1:25-cv-00157
StatusUnknown

This text of Chatham Financial Corp. v. Milhaus, LLC and Pillar Markets Inc. (Chatham Financial Corp. v. Milhaus, LLC and Pillar Markets Inc.) is published on Counsel Stack Legal Research, covering District Court, D. Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Chatham Financial Corp. v. Milhaus, LLC and Pillar Markets Inc., (D. Del. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE

CHATHAM FINANCIAL CORP.,

Plaintiff,

v. No. 25-cv-00157-SB MILHAUS, LLC and PILLAR MARKETS INC.,

Defendants.

Kelly E. Farnan, Sara M. Metzler, RICHARDS, LAYTON & FINGER, PA, Wilmington, Delaware; Tara D. Elliott, LATHAM & WATKINS LLP, Washington, DC.

Counsel for Plaintiff.

Andrew Colin Mayo, ASHBY & GEDDES, Wilmington, Delaware; Brian S. Sullivan, Michael A. Xavier, Oleg Khariton, DINSMORE & SHOHL LLP, Cincinnati, OH.

Counsel for Defendants.

MEMORANDUM OPINION October 28, 2025 BIBAS, Circuit Judge, sitting by designation. Managing debt is complicated, but copying someone else’s idea is easy. Chatham Financial poured time and resources into developing a platform for companies with lots of real estate to manage their debts. Milhaus was a one-time customer of Chatham’s, but wanted the same product for less. So it colluded with Pillar Markets, a rival of Chatham’s, to develop a competing product modeled on Chatham’s platform. Chatham sued Milhaus and Pillar for misappropriation of trade secrets and confidential business information, tortious interference, unfair competition, breach of contract, and violations of the Computer Fraud and Abuse Act. Defendants have moved to dismiss. I partly deny and partly grant the motion.

I. MILHAUS & PILLAR USE CHATHAM’S SOFTWARE TO DEVELOP A COMPETING PRODUCT Chatham is a “global leader in financial risk management services.” Compl., D.I. 2, ¶ 12. Among other services, it offers software to “manage … large, diverse asset portfolios while evaluating changing market conditions in real time.” Id. ¶ 13. One application is ChathamDirect for Debt Management. ChathamDirect is a platform designed to help companies that own lots of real estate manage their documents. Id. Those companies upload their loan documents to the platform, which processes and centralizes all the “debt information, giving users a holistic view of their portfolios.” Id. ChathamDirect also helps its users plan for the future by “model[ing] a variety of budgeting and forecasting scenarios” for their real-estate debt. Id. Milhaus develops mixed-use residential buildings. Id. ¶ 18. It subscribed to

ChathamDirect in May 2018. Id. Chatham and Milhaus signed a contract governing Milhaus’s use of the platform. Id. The contract barred Milhaus from “access[ing] or us[ing] [the platform] … in order to build a competitive or substitute product or service” or “aid[ing] or permit[ting] any other party” to do so. Chatham-Milhaus Contract, D.I. 8, § 6.2. It also obligated Milhaus to “comply with the restrictions on use for [ChathamDirect] and take reasonable steps to prevent unauthorized use,

access, or redistribution of … any of Chatham’s intellectual property.” Id. § 5.1. The initial contract’s term was three years; it would then automatically renew every year, unless terminated at will with sixty days’ notice. Compl. ¶ 70; Chatham-Milhaus Contract § 4.3.1. After a few years, Milhaus started thinking that it was paying too much. So it

approached Pillar Markets with a business proposition. Pillar had been trying to develop an application creating a “direct marketplace for institutional commercial real estate,” but “struggled to find a foothold in the market.” Compl. ¶ 29. Sometime in late 2022, Milhaus suggested that Pillar shift its focus away from building a direct marketplace and toward creating a platform to manage portfolios similar to ChathamDirect. Id. And Milhaus put its money where its mouth was, offering to

partner with Pillar to develop the kind of platform it envisioned. Id. ¶ 24. By 2023, Milhaus and Pillar had “formed a joint domain for their competing platform” on Pillar’s website. Id. ¶ 30. But the partnership soon grew tense, because Milhaus was “[f]rustrated with [Pillar’s] lack of progress” building a ChathamDirect-style product. Id. ¶ 32. So it decided to speed things up by letting Pillar’s employees use Milhaus’s ChathamDirect account. Id. That way, Pillar could copy the platform’s interface and functions. Id. ¶ 33.

In September 2023, Milhaus created a “milhaus.com” email address for a Pillar employee named Kiran Rathni and asked Chatham to give Rathni access to Milhaus’s ChathamDirect account. Id. ¶ 20. (The parties’ contract let Milhaus request login credentials for its “authorized representatives,” but also reserved Chatham’s right to “refuse access to any individual … designated” by Milhaus. Chatham-Milhaus Contract § 6.1.) With access unlocked, Rathni logged into ChathamDirect roughly 100 times in less than six months. Compl. ¶ 20. He “repeatedly downloaded confidential data and nearly 850 documents and reports” from the platform. Id. ¶ 21. Around that time, Milhaus requested a “data dump” of all “confidential data and reports” on

ChathamDirect relating to its portfolio, which Chatham gave it in March 2024. Id. ¶ 22. A few days after Chatham sent Milhaus its data, Milhaus notified Chatham that it would terminate the contract. Id. ¶ 23. During an “exit interview” with Chatham personnel, two Milhaus employees claimed that the company “had no service or quality issues with [ChathamDirect]” but had “invested in a startup company that would ‘directly compete’ with Chatham’s … platform.” Id. ¶ 24. They refused to identify the

name of the company, but offhandedly referred to “Sanjay,” who Chatham soon figured out was Pillar’s Chief Investment Officer. Id. ¶¶ 24–25. Chatham quickly sent Milhaus a cease-and-desist letter. Id. ¶ 26. In its response, Milhaus admitted that it had “authorized” Pillar to access its ChathamDirect account, acknowledged that it was now a Pillar customer, and confirmed that Pillar’s employees had downloaded a “very large volume of documents” from ChathamDirect. Id. ¶ 27. Chatham then sent Pillar a cease-and-desist letter. Id. ¶ 28. Pillar wrote

back, telling Chatham that “at least three additional Pillar employees had shared [Rathni’s] credentials to gain access” to the platform after Chatham had granted Rathni access. Id. Chatham responded by suing Milhaus and Pillar. It alleges that both defendants violated the federal Defend Trade Secrets Act (DTSA) and the Computer Fraud and Abuse Act, and that they misappropriated confidential business information. Id. ¶¶ 37–53, 90–137. It also asserts unfair-competition and tortious-interference claims against Pillar and a breach-of-contract claim against Milhaus. Id. ¶¶ 54–89. Among other remedies, Chatham seeks actual, special, and punitive damages, an accounting

and restitution, and injunctive relief. Id. at 30–31. Milhaus and Pillar moved to dismiss for failure to state a claim. D.I. 18; Fed. R. Civ. P. 12(b)(6). In reviewing the motion, I “accept the allegations of the complaint as true and draw all reasonable inferences in the light most favorable” to Chatham. Bd. of Trs. of Bricklayers & Allied Craftsmen Loc. 6 of N.J. Welfare Fund v. Wettlin Assocs., 237 F.3d 270, 272 (3d Cir. 2001).

II. CHATHAM STATES A DTSA CLAIM FOR MISAPPROPRIATION OF TRADE SECRETS IN CHATHAMDIRECT’S CUSTOMER-FACING COMPONENTS Chatham asserts that Milhaus and Pillar misappropriated various trade secrets in ChathamDirect by using their access to the platform to develop a competing product. See Compl. ¶¶ 37–47. “To make out a claim under the federal [DTSA], [Chatham] must allege (1) a trade secret (2) connected to interstate commerce (3) that defendants misappropriated.” JPMorgan Chase Bank, Nat’l Ass’n v. Argus Info. & Advisory Servs., 765 F. Supp. 3d 367, 374–75 (D. Del. 2025) (citing Oakwood Lab’ys LLC v. Thanoo, 999 F.3d 892, 905 (3d Cir. 2021)).

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