UK BROKERAGE giant Tullett Prebon yesterday lost a $16m (£9.9m) damages claim against rival US firm BGC Partners concerning an alleged raid on members of its workforce by BGC in 2011.
The US financial watchdog Finra kicked out the damages claim by Tullett against BGC’s subsidiary BGC Financial over nine brokers it claims were poached from its repo desk between 2009 and 2011.
Finra denied all of Tullett’s claims in full. Tullett was also ordered to pay a total of around $380,000 owed to the nine brokers who joined BGC. It is another chapter in the long running legal feud between the two firms over Tullett staff who have defected to BGC.
A high profile court case was settled between the two firms in the UK in April 2011 concerning 10 London-based brokers. The settlement was not disclosed.
A Tullett Prebon spokesman yesterday said further claims would “continue on course”, notwithstanding the decision in yesterday’s case.