Jury awards IDX Capital, Jamie Cawley and Brady Halper $8.25 Million Against
Phoenix Partners Group Founder, Wesley Wang
NEW YORK, March 7, 2013
NEW YORK, March 7, 2013 /PRNewswire/ --In a judgment yesterday, IDX Capital
and two of its former principals, Jamie Cawley and Brady Halper, won a lawsuit
and were awarded $8.25 million against Wesley Wang, a founder and former
managing director of Phoenix Partners Group, a credit derivatives interdealer
After a six-week trial in NY Supreme Court in Manhattan, a jury found Wang
liable for both compensatory and punitive damages in a lawsuit alleging that
he tortiously interfered with IDX Capital's sale to Knight Capital Group
(KCG), the electronic execution firm in 2006. Court papers alleged that
Knight had offered to buy the fledgling IDX Capital, a credit default swap
trading firm, for $25 million, but backed away from the deal after Wang
bombarded Knight's CEO, Thomas Joyce, and other Knight employees, with
numerous emails disparaging Cawley, Halper and IDX.
The jury also found Jason Horowitz, a former employee of Interdealer IT, a
financial derivatives software firm, jointly and severally liable to Cawley
for both compensatory and punitive damages.
Court papers alleged that the defendants waged a malicious campaign that
included "the hacking into IDX Capital's computer systems, transmitting stolen
documents, and sending false and defamatory information to Knight concerning
Cawley and IDX Capital." Wang's actions, court papers alleged, were motivated
by a vendetta and extreme animus, spite and a vindictive desire to ruin the
business interests, career and personal life of Cawley and those associated
with him. Court papers also alleged that Wang emailed Cawley's wife about her
family, prompting them to seek legal protection and take measures to protect
their personal safety.
At trial, the jury found that the Knight-IDX deal would have gone through, but
for the actions of Wang and Horowitz, both of whom, the jury found, had
tortiously interfered with the contemplated deal by wrongful means. The jury
also found that Wang's interference with Cawley's contemplated employment
contract with Knight was done with "the sole purpose of harming" Cawley.
The jury also found that Wang had committed libel.
In addition to compensatory damages, the jury also granted punitive damages --
designed to punish the wrongdoer for his egregious acts and act as a deterrent
for others -- against Wang and Horowitz.
In a statement today, Cawley said: "It took us six years and a tremendous
amount of financial resources to vindicate our rights, but Wang was finally
judged by a jury of his peers. We are elated with the decision and are happy
that this whole affair is finally behind us. We are excited to move on with
For legal case reference: IDX Capital, Jamie Cawley, Brady Halper v. Wesley
Wang, Jason Horowitz, Patrick Nihan & Terrence Solomone (NY State Supreme
Court. Index NO. 102806/2007).
For further information contact Maritza Olmo (212) 779-2300.
SOURCE IDX Capital
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