Tullett, BGC court case to be postponed for a week

THE High Court battle between inter-dealer brokers Tullett Prebon and BGC Partners faces another setback this week as it is postponed indefinitely due to a barrister being taken ill.<br /><br />It is understood the court will not reconvene for at least a week after Andrew Clarke QC, a barrister at Littleton Chambers acting for BGC, was unexpectedly taken ill on Wednesday night. BGC is currently searching for new legal counsel.<br /><br />The case appeared for just a day in court last week when Tullett Prebon&rsquo;s barrister Daniel Oudkerk presented his opening statements, in which he claimed the firm&rsquo;s rival had offered &ldquo;over &pound;40m&rdquo; to its brokers in an attempt to lure them away.<br /><br />BGC, which has not yet had chance to put its arguments to the court, argues that the figure offered was &ldquo;nothing like &pound;40m&rdquo;. It says that just &pound;8.75m has been committed in compensation for the ten brokers who actually agreed to move over from Tullett, in a cash and share package vesting over five years.<br /><br />Tullett has accused BGC of orchestrating a raid on its staff in a bid to destabilise its business, after its rival hired Tony Verrier, Tullett&rsquo;s former chief operating officer, in January.<br /><br />The case continues. <br />