BGC Hit With $500M Claim Over Tullett Defections

Law360, New York (August 31, 2009, 2:41 PM EDT) -- Electronic broker BGC Partners Inc. faces a $500 million claim brought by a unit of rival firm Tullett Prebon PLC over the defection of 52 employees to BGC, according to a regulatory filing.

In a filing with the U.S. Securities and Exchange Commission Friday, BGC revealed that interdealer brokerage firm Tullett Liberty Securities LLC had filed a Financial Industry Regulatory Authority dispute resolution claim against BGC Financial LP, an affiliate of BGC Partners, related to the decision by 52 Tullett employees to resign from Tullett and...
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