Tullett files US lawsuit against BGC
TULLETT Prebon has filed a $1bn (£609.4m) lawsuit against arch-rival BGC Partners in the US, just days after a legal action between the pair opened in the High Court in London.
Documents filed by Tullett at the district court of New Jersey allege that BGC poached 81 brokers from its New Jersey and New York offices in August and September in an attempt to “cripple Tullett’s inter-dealer broker business on a global scale”. The lawsuit follows an arbitration filing made to the Financial Industry Regulatory Authority in Washington last month.
Last week, barristers acting for Tullett requested to submit evidence related to the US claim to the High Court in its London action, but were denied by judge Justice Jack.
The London case has been adjourned until 4 November after Andrew Clarke QC, the barrister acting for BGC, was taken ill. Essex Court Chambers’ Andrew Hochhauser QC will lead the defence in his place.
Tullett has accused the rival broker of orchestrating a raid on its staff after BGC hired Tony Verrier, Tullett’s former chief operating officer, in January. The case continues.