The cost of hire has just gone up.
The Daily Telegraph reports that in the latest ruling linked to a long-running spat over the poaching of key staff between the two inter-dealers – whose role is to act as middle men between investment banks - a US regulator has found in favour of London-listed Tullett.
The Financial Industry Regulatory Authority (Finra) Arbitration Panel found that BGC, which is listed on New York’s Nasdaq exchange, is solely liable to pay $13m in relation to the poaching, which took place in the second half of 2009.
In addition, certain senior BGC staff were found liable for a total of $20m, however BGC said it expects to cover this amount.
The arbitrator also found that Tullett, run by chief executive Terry Smith, should itself pay $6.1m to former shareholders in Chapdelaine Corporate Securities, many of whom now work at BGC.
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