Cantor Fitzgerald Off The Hook In BGC Derivative Suit

Law360, Los Angeles (September 24, 2013, 5:34 PM EDT) -- A New York state judge on Monday dismissed a shareholder derivative suit brought against investment bank Cantor Fitzgerald LP by BGC Partners Inc. investors who claim the company’s relationship with the bank caused it to enter into debt and equity transactions that hurt shareholders.

Last year, the International Painters & Allied Trades Industry Pension Fund launched its suit on behalf of nominal defendant BGC, a Cantor spinoff, claiming an equity sale diluted the company's shares for no reason but to benefit Cantor.

The suit, which also...
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