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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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October 30, 2014
08:14 EDTBGCPBGC Partners expects Q4 pre-tax distributable earnings to be $69M-$79M
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08:10 EDTBGCPBGC Partners reports Q3 EPS 17c, consensus 16c
Reports Q3 revenue $4449.8M, consensus $447M
October 22, 2014
17:44 EDTBGCPGFI Group special committee to review tender offer from BGC Partners
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06:34 EDTBGCPBGC Partners could make hostile $675M bid for GFI Group, WSJ reports
In a move to thwart the sale of GFI Group (GFIG) To CME Group (CME), BGC Partners (BGCP) is planning to make a hostile bid to GFI for $675M, the Wall Street Journal reports. BGC's $5.25 per share tender offer to GFI shareholders, which is 15% higher than CME's offer, could come as early as this morning. Reference Link

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