Tullett Claims of BGC Raiding Repo Desk Denied by Finra Panel
This article is for subscribers only.
Tullett Prebon Plc’s claim that competitor BGC Partners Inc. improperly lured away nine traders was rejected by an arbitration panel of the Financial Industry Regulatory Authority, according to BGC.
The claims for more than $16 million against BGC, which matches securities trades between banks, are in addition to several other lawsuits brought by Tullett Prebon from 2009 to 2011 that seek at least $1 billion in damages for allegedly raiding its brokers around the world. The dispute decided Jan. 11 by the Finra arbitration panel involved nine repurchase agreement traders who left Tullett Prebon for BGC in 2011, Robert Hubbell, a BGC spokesman, said in a telephone interview.