Tullett Prebon Will Get USD100 Million Settlement From BGC Partners
LONDON (Alliance News) - Tullett Prebon PLC said Tuesday that BGC Partners Inc will pay USD100 million to the company to settle litigation in relation to a raid on the company's business by BGC in the second half of 2009.
The company had alleged claims of racketeering, unfair competition, misappropriation of confidential information and trade secrets, and "tortious interference".
The settlement agreement also settles all other outstanding litigation between the parties, Tullett Prebon said, and includes a clause that "prevents either party hiring desk heads and senior management from the other for one year from the date of the agreement."
The USD100 million is in addition to the USD33.3 million that was awarded to Tullett Prebon's subsidiaries in the US following the conclusion of the FINRA arbitration in July 2014, the company said.
Tullett Prebon will include a net credit of GBP3.1 million, not including the USD100 million settlement, as an exceptional item relating to legal actions with BGC in its 2014 financial results.
Shares in Tullet Prebon closed up 8.2% at 311.60 pence Tuesday.
By Hana Stewart-Smith; firstname.lastname@example.org; @HanaSSAllNews
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