This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

BGC Announces That Broker Hiring Claims By Tullett Have Been Completely Denied In A FINRA Arbitration

NEW YORK, Jan. 14, 2013 /PRNewswire/ -- BGC Financial, L.P. ("BGC"), an entity of BGC Partners, Inc. (BGCP:NASDAQ), is pleased to announce that claims in excess of $16 million brought by Tullett Prebon Financial Services LLC and Tullett Prebon Americas Corp. ("Tullett") against BGC have been denied in their entirety in a FINRA arbitration.

(Logo: )

Tullett's claims were brought against BGC and nine brokers who resigned from Tullett and joined BGC in 2011.  In addition to losing all claims for damages against BGC, Tullett was ordered to pay a total of approximately $380,000 owed to the nine brokers who joined BGC.

Tullett claimed that BGC "raided" Tullett's U.S. repo desk, that the desk head breached his contract with Tullett, and that the other brokers breached duties to Tullett.   Tullett also accused BGC of unfair competition, misappropriating confidential information, and violating the FINRA Rules of Conduct.  In Tullett's Statement of Claim, it demanded compensatory damages from BGC, punitive damages, a permanent injunction barring BGC from recruiting or hiring any Tullett employees in the future, and a referral to the SEC.  Tullett also sought to recover compensation that it had paid to the desk head, as well as compensation that BGC paid to hire the nine repo brokers. 

All Tullett's claims were denied in full, affirming that BGC's recruitment and employment of the repo brokers was lawful and appropriate.   

The arbitration is one of a number of lawsuits filed by Tullett, all making similar allegations, claiming that BGC improperly recruited or "raided" employees from Tullett in the U.S. in the 2009-2011 time period.  This is the first of the matters to be adjudicated.   

About BGC Partners, Inc.BGC Partners is a leading global brokerage company primarily servicing the wholesale financial and real estate markets.  Products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a broad range of financial and non-financial institutions.  Through its eSpeed, BGC Trader, and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to select financial instruments and markets.  Through the Newmark Grubb Knight Frank brand, the Company offers a wide range of services including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. For more information, please visit

eSpeed, BGC, BGC Trader, Grubb & Ellis, Grubb and Newmark are trademarks and service marks of BGC Partners, Inc. and its affiliates.  Knight Frank is a service mark of Knight Frank Limited Corp., used with permission.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs