Tullett Prebon PLC Settlement of New Jersey Superior Court Litigation (0689C)
January 13 2015 - 11:23AM
UK Regulatory
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RNS Number : 0689C
Tullett Prebon PLC
13 January 2015
13 January 2015
Tullett Prebon plc
Settlement of New Jersey Superior Court Litigation
Tullett Prebon plc (the "Company") announces the settlement of
the action taken by the Company and certain of its subsidiaries
against BGC Partners Inc. ("BGC") in the New Jersey Superior Court,
in response to the raid on the Company's business by BGC in the
second half of 2009.
The Company's action alleged claims for racketeering, unfair
competition, misappropriation of confidential information and trade
secrets, and tortious interference.
The Company has today entered into an agreement with BGC under
which BGC will pay $100m (GBP66m) to the Company to settle the
litigation in the New Jersey Superior Court. In a prior ruling, the
Judge had dismissed the Company's claim under the New Jersey
racketeering law, and any damages that would have been awarded by
the jury in the case would therefore not have been subject to
trebling.
The settlement agreement also settles all other outstanding
litigation between the parties, which will now be dismissed, and
includes a clause that prevents either party hiring desk heads and
senior management from the other for one year from the date of the
agreement.
The $100m (GBP66m) settlement is in addition to the $33.3m
(GBP19.5m) awarded to the Company's subsidiaries in the United
States following the conclusion of the FINRA arbitration, which was
announced in July 2014.
The Company has a duty to shareholders to seek to protect its
legal rights and interests, and although legal action can be
uncertain, protracted and expensive, the Company believes it is
appropriate to take action in order to do so.
The exceptional item relating to the major legal actions between
the Company and BGC that will be recognised in the 2014 financial
statements, which does not include the $100m (GBP66m) settlement,
is expected to be a net credit of GBP3.1m.
Enquiries:
Investors and Analysts Media
Paul Mainwaring Craig Breheny
Finance Director, Tullett Prebon plc Director, Brunswick Group LLP
Direct: +44 (0)20 7200 7995 Direct: +44 (0) 20 7396 7429
Mobile: +44 (0) 7974 982 429
Email: cbreheny@brunswickgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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