BGC sues Tullett for theft

 
Marion Dakers
BGC Capital Markets has accused its fellow inter-dealer broker Tullett Prebon, run by Terry Smith, of stealing proprietary pricing data and began a lawsuit yesterday to recover the resulting profit.

BGC filed a complaint at the New York supreme court yesterday that centred around US Treasury data that BGC supplies to Tullett Americas for use in limited circumstances as part of a Treasury swaps joint venture. BGC claims that Tullett’s brokers used the data without permission to gain an unfair lead in the market. The firm, which is suing for unjust enrichment, unfair competition and computer fraud, claimed in the court filing:?“Tullett Americas and its affiliates have a long history of stealing price data from [BGC] in order to gain a competitive advantage.”

Tullett Prebon, which is expected to defend the case, declined to comment last night.