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.
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.
The case appeared for just a day in court last week when Tullett Prebon’s barrister Daniel Oudkerk presented his opening statements, in which he claimed the firm’s rival had offered “over £40m” to its brokers in an attempt to lure them away.
BGC, which has not yet had chance to put its arguments to the court, argues that the figure offered was “nothing like £40m”. It says that just £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.
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’s former chief operating officer, in January.
The case continues.