Cantor Fitzgerald Settles Lawsuit With Ex-Carbon Brokerage Boss Drummond

Cantor Fitzgerald LP and the former head of its carbon credits brokerage settled a lawsuit involving a $2 million loan and an unfair dismissal claim.

Both sides reached a confidential agreement to end the week-old trial, Cantor lawyer Paul Nicholls told trial judge Michael Burton at a hearing today.

Cantor sued Stephen Drummond, a former executive at CantorCO2e, in London for the return of the money it says it loaned him while he was running the unit. Drummond countersued, claiming he was wrongfully dismissed in 2009 for failing to tell the company he was in talks with a competitor about a job.

Nicholls told the judge that Drummond’s employment claim had been dropped and an agreement had been reached over the $2 million.

Drummond, who was at court, declined to comment after the hearing.

The cases are: Cantor Fitzgerald LP v. Stephen Drummond and Stephen Drummond v. CantorCO2e Limited.

To contact the reporter on this story: James Lumley in London at Jlumley1@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email