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10 Jul 2014 10:51
10 July 2014
Tullett Prebon plc
Outcome of FINRA Arbitration
Tullett Prebon plc (the "Company") announces that the outcome of the FINRA arbitration on the claims brought by the Company's subsidiary companies in the United States (the "Subsidiary Companies") which were raided by BGC Partners Inc. and certain of its subsidiaries in the second half of 2009, along with various claims asserted against the Subsidiary Companies, has been determined.
The Arbitrators have determined that BGC and certain of the raided brokers should pay $33.3m (£19.5m) in compensatory damages to the Subsidiary Companies on account of the claims against them. The Arbitrators have also determined that the Subsidiary Companies should pay $6.1m (£3.5m) in compensatory damages to a representative of the former equity holders of Chapdelaine Corporate Securities & Co. which the Company acquired in January 2007 on account of certain of their claims, and $0.2m (£0.1m) to one of the raided brokers.
The separate action being pursued by the Company and certain of its subsidiaries against BGC Partners Inc. in the New Jersey Superior Court, alleging, among other causes of action, violations under the NJ RICO Act, is currently scheduled to go to trial in the autumn of this year.
Enquiries:
Nigel Szembel
Tullett Prebon plc
nszembel@tullettprebon.com
+44 (0)20 7200 7722
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