Tullett Loses Broker 'Raid' Suit Against BGC

Law360, New York (June 21, 2010, 8:04 PM EDT) -- A federal court has tossed Tullett Prebon PLC's suit against rival interbroker-dealer BGC Partners Inc., which allegedly poached dozens of employees from Tullett's U.S. subsidiaries and caused a $387 million drop in Tullett's market value.

U.K.-based Tullett does not have standing to pursue a case against BGC without joining its U.S. units to the action, Judge Stanley Chesler of the U.S. District Court for the Southern District of New Jersey said in a decision issued Friday.

Those U.S. subsidiaries have to arbitrate their claims through the...
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