Apfel v. Prudential-Bache Securities

Prudential-Bache Securities, Inc. ("Prudential") was an investment bank headquartered in New York City.

Mr. Apfel was a banker who created a new bond financing system that allowed bonds to be sold, traded, & held through computerized book entries. Later on, Apfel's system became the industry standard for the issuance of all government & corporate bonds.

In 1982, Apfel presented Prudential a proposal for issuing municipal securities (such as bonds) through the bond system. Following negotiations, Apfel agreed to convey his right to the system in exchange for payments from Prudential.

Moreover, Prudential agreed to remunerate Apfel even if the system later became public knowledge.