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Stock Market & Financial Investment News

News Breaks
July 10, 2014
05:30 EDTBGCPBGC Partners issues statement regarding FINRA Arbitration Panel
BGC Partners released the following statement. The Financial Industry Regulatory Authority, or FINRA, Arbitration Panel in the matter involving Tullett Prebon, BGC and certain others has issued its award. Tullett was found to have breached its contract with the people who sold it Chapdelaine Corporate Securities & Co, many of whom now work for BGC, and is ordered to pay them over $6M in damages. Tullett has also been found to have wrongly refused to pay expenses to one of its employees, who was awarded over $222,000. BGC was found solely liable for approximately $13M. Certain desk heads that moved to BGC have been found liable for a total of approximately $20M. BGC expects the awards against these desk heads will be paid for by BGC. Tullett's Management Reports show it has paid over $40M in attorneys' fees in this matter and a related New Jersey matter over the last two years. Sean Windeatt, COO of BGC Partners said, "Tullett has spent more than it recovered, which was a waste of resources." Tullett's final position claimed over $214M in damages, and in earlier positions Tullett had claimed over a billion dollars. It also sought punitive damages and findings against BGC executives, all of which were denied. In a separate FINRA judgment last year, Tullett's claim of $16M in damages against BGC was denied and Tullett was ordered to pay $380,000 to a group of brokers in that matter. The FINRA award will not have a material financial effect on BGC, which had appropriately reserved for it. BGC is pleased to put this arbitration behind it and remains focused on delivering outstanding services to its valued customers.
News For BGCP From The Last 14 Days
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July 29, 2015
13:33 EDTBGCPBGC Partners price target raised to $14 on strong revenues at Raymond James
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08:12 EDTBGCPBGC Partners expects Q3 revenue $680M-$725M, consensus $673.95M
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08:10 EDTBGCPBGC Partners reports Q2 EPS post-tax distributable 18c, consensus 17c
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July 20, 2015
09:08 EDTBGCPThe Melting Pot partners with Newmark Grubb Knight Frank
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