Last checked at 13 Nov 2012 11:00
Tullett Prebon plc (the "Company")
Litigation Update
On 22 March 2012 the Company announced that it had submitted a motion to the New York Court to confirm the arbitral award made by a tribunal of the American Arbitration Association in connection with claims by BGC that the Company's information sales subsidiary misused certain market data it was being supplied under a redistribution agreement. The arbitrator's award is that the Company should pay BGC $0.8m plus interest at the statutory rate from 1 January 2010. BGC's application for reasonable attorney's fees and costs was denied. In response to the Company's motion, BGC cross moved seeking to vacate the arbitrator's award.
The Company announces today that the New York Court has granted the Company's motion to confirm the award and that BGC's motion to vacate the award has been denied.
Enquiries:
Nigel Szembel, Head of Communications, Tullett Prebon plc
Direct: +44 (0)20 7200 7722