BGC Suit Over Data Theft Barred By Prior Arbitration

Law360, Los Angeles (November 22, 2013, 8:34 PM EST) -- A New York state judge on Thursday dismissed BGC Capital Markets LP’s allegations that rival brokerage Tullett Prebon America’s Corp. had stolen proprietary U.S. Treasury data through a joint venture between the two, ruling that BGC had already recovered damages through arbitration.

New York Supreme Court Justice O. Peter Sherwood rejected BGC’s argument that only its part owner Cantor Fitzgerald LP had been involved in the arbitration with Tullet’s affiliate, and that BGC should therefore be allowed to continue with its separate suit. There is “little doubt”...
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