Tullett Prebon seeks £14m from BGC for staff exodus

INTER-DEALER broker Tullett Prebon is pursuing US arch-rival BGC for damages of around £14m for poaching key staff, a source said yesterday.

Laying out its case at the start of yesterday’s trial into how much compensation BGC should pay for raiding its employees in 2009, Tullett’s lawyer said the defections damaged the value of remaining teams and his client aimed to recover the costs of mitigating a “BGC conspiracy”.

“The key to this case is that the whole is more than the sum of the parts,” Daniel Oudkerk told the court.

“Documents show that at all times, BGC focused on teams and the revenues those teams could generate. It has always been about that.”

Tullett’s legal team declined to comment on the damages it would claim. The feud between Tullett and BGC began in April 2009 and centres on 10 defections.