One of the numerous (and seemingly never-ending) pieces of litigation in the world of money broking is nearing its end.
On Friday, a judge in London ruled that 10 brokers who left Tullett Prebon over a year ago to join BGC Partners can now actually work for their new employer.
Tullett had accused the brokers of being involved in a supposed £40m poaching conspiracy orchestrated by BGC. The judge will rule on the conspiracy allegation on March 18, but the individual brokers can now come off enforced gardening leave.
What’s more, the London court has also lifted an injunction on BGC recruiting from Tullett generally – which may or may not give us some guidance as to where the conspiracy claims are going.
How that might effect the mysterious takeover approach for Tullett is anyone’s guess.
Tullett still has a $1bn conspiracy claim against BGC going through the New Jersey courts, concerning a pack of 81 brokers lured away from Tullett’s American operations.
Must be funny being a lawyer for a money broker. It’s like work forever.
Related links:
Interdealer broker wars – FT Alphaville
Broker feud deepens over eSpeed bid – The Times