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Tullett Prebon Plc TLPR Litigation update



  Tullett Prebon Plc (TLPR) - Litigation update

RNS Number : 9879Q
Tullett Prebon PLC
13 November 2012
 



Tullett Prebon plc (the "Company")

 

Litigation Update

 

On 22 March 2012 the Company announced  that it had submitted a motion to  the 
New York  Court to  confirm  the arbitral  award made  by  a tribunal  of  the 
American Arbitration Association  in connection  with claims by  BGC that  the 
Company's information  sales subsidiary  misused certain  market data  it  was 
being supplied under  a redistribution agreement.   The arbitrator's award  is 
that the Company should pay BGC $0.8m plus interest at the statutory rate from
1 January 2010.  BGC's  application for reasonable  attorney's fees and  costs 
was denied.  In response to the  Company's motion, BGC cross moved seeking  to 
vacate the arbitrator's award.

 

The Company announces today that the New York Court has granted the  Company's 
motion to confirm the award and that BGC's motion to vacate the award has been
denied.

 

 

Enquiries:

 

Nigel Szembel, Head of Communications, Tullett Prebon plc

Direct: +44 (0)20 7200 7722

 

 

 

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MSCBXLFFLFFBFBX -0- Nov/13/2012 11:00 GMT
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