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 firstname.lastname@example.org.