Tullett Prebon Wins Unlawful Conspiracy Claim

Here's part of the statement issued by Tullett Prebon on the Judgement handed down this week at the Royal Courts of Justice, London.

'Tullett Prebon wins unlawful conspiracy claim against BGC, Shaun Lynn and Tony Verrier.

Mr Justice Jack held that:

• There was a conspiracy between BGC, Tony Verrier and Shaun Lynn to poach Tullett Prebon employees.

• The injunction preventing BGC from recruiting Tullett Prebon staff must continue until BGC has absorbed the Court’s judgment exposing BGC’s unlawful conduct.

• Evidence was destroyed and deleted from BGC’s computer system.

• Tony Verrier’s ‘gambit’ was to ‘lose’ BlackBerrys which might contain inconvenient material and Tony Verrier’s instructions were the cause of at least some of the Defendants’ phones and BlackBerrys being lost.

• The brokers’ claims that they were entitled to walk out on their contracts with Tullett Prebon were dismissed.

• Tullett Prebon was and is entitled to injunctions as well as financial remedies.

BGC lost its counter-claim against Tullett Prebon, which the Judge dismissed.

18 March 2010: London, New York, Hong Kong and Singapore.

As the Judge set out at paragraph 3 of his Judgement: At this trial, Tullett sought to continue by way of injunction the effect of undertakings given in April 2009 and to establish its right to damages. The Defendants in the main denied any wrongdoing and claimed that Tullett was not entitled to any further injunction or to damages. BGC also brought a counter-claim.

The Judge found in Tullett’s favour, granting further injunctions and that Tullett also had the right to claim damages. BGC’s counter-claim failed.

The Court found that it should only be necessary to extend the injunction against BGC, Mr Lynn and Mr Verrier until 2 April 2010 because the Judgement exposed BGC’s unlawful conduct. Mr Justice Jack found: 'The Court must assume that the exposure of BGC’s conduct as set out in the judgement will curb unlawful recruitment in the future'.

(Tullett CEO) Terry Smith commented: 'In order to operate successfully businesses need to be able to rely upon a framework of law in which contracts are respected and when it is necessary to resort to proceedings, witnesses are truthful and evidence is preserved and disclosed rather than concealed or destroyed. It is clear that BGC, Mr Verrier and Mr Lynn had other designs. However, we trust that Mr Justice Jack' s Judgement and findings will be respected by them and help to take us back to the sort of legal framework which all businesses require'.

Source - Tullett Prebon

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts