BGCP Overpays Insiders At Shareholder Expense, Suit Says

Law360, New York (June 20, 2012, 7:52 PM EDT) -- A BGC Partners Inc. shareholder on Tuesday sued controlling shareholders Howard Lutnick and his company Cantor Fitzgerald LP in New York state court, saying they breached their duty to BGCP by selling and repurchasing shares at an inflated price for their own benefit and at the company's expense.

Shareholder Samuel Pill claims in the derivative suit that the brokerage's board, dominated by Cantor Fitzgerald and Lutnick, has allowed insiders to dilute the public shareholders' equity while enriching themselves by selling tens of millions of shares to...
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