IDX Capital Says it Wins $8.25 Million Over Failed Sale

IDX Capital LLC said the company and two former principals were awarded $8.25 million by a jury over the actions of a former colleague that allegedly doomed a $25 million buyout of the firm by Knight Capital Group Inc. (KCG)

The verdict couldn’t be immediately confirmed in court records. The inter-dealer broker said Jamie Cawley and Brady Halper were awarded damages yesterday after a six-week trial in New York state Supreme Court in Manhattan.

John Noona, a lawyer for defendant Wesley Wang, a founder and former managing director of Phoenix Partners Group LP, said he will appeal. Cawley and Wang worked together previously at Axiom Global Partners LLC, a New York-based credit-default swap brokerage.

Cawley is now chief executive officer of Javelin Capital Markets LLC, a swaps-trading system that said it plans to register with the Commodity Futures Trading Commission as a so- called swaps-execution facility.

The case is IDX Capital v. Wesley Wang, 102806-2007, New York State Supreme Court (Manhattan).

To contact the reporter on this story: Matthew Leising in New York at mleising@bloomberg.net.

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.