British interdealer broker Tullett Prebon has won $33.3 million in compensation from rival BGC Partners over the alleged poaching of more than 80 staff from its US operation in 2009.
The Financial Industry Regulatory Authority (FINRA) Arbitration Panel has ordered BGC to pay $13 million to Tullet in relation to the poaching.
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Additionally, Tullett was asked to pay $6 million of damages to the sellers of a US broking business it bought, most of whom now work for BGC.
FINRA also ruled the certain desk heads that moved to BGC were liable for a total of about $20 million.
Meantime, FINRA has ordered Tullett to pay $6.1 million in deferred compensation to the former owners of Chapdelaine Corporate Securities & Co, which it acquired in 2007.
Over the past two years, Tullett had spent more than $40 million in legal costs.
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By GlobalDataTullett was also asked to pay $222,000 to one of the raided brokers after wrongly refusing to pay its expenses.
Sean Windeatt, COO of BGC Partners, said: "Tullett has spent more than it recovered, which was a waste of resources.".
BGC Partners said that the FINRA award will not have a material financial effect on the company.
