New User:

-or-
Username:
Password:
Forgot your password?

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
Sign up for a free trial to see the rest of the stories you've been missing.
December 19, 2014
14:08 EDTBGCPBGC Partners raises all-cash offer to acquire GFI Group to $5.45 per share
BGC Partners (BGCP) announced that it has increased its fully financed, all-cash tender offer to acquire all of the outstanding shares of GFI Group (GFIG) to $5.45 per share. The tender offer is scheduled to expire at 5:00 pm New York City time on January 6, 2015, unless extended. As previously disclosed, the company has also reduced the minimum tender condition to 45% of the outstanding shares of GFI common stock, inclusive of the approximately 13.4% of GFI shares that BGC currently owns. BGC's offer had previously required that at least 50% of GFI's outstanding shares on a fully diluted basis be tendered. The conditions regarding control of GFI's board remain part of the tender offer. BGC's revised offer of $5.45 per share represents a premium of 20c, or approximately 4%, to the $5.25 per share stock and cash transaction announced by CME Group (CME) and GFI on December 2, and a premium of more than 75% to the price of GFI shares on July 29, the last day prior to the announcement of the original CME transaction. BGC believes that its $5.45 all-cash offer is clearly superior to the $5.25 stock and cash offered under the CME transaction and urges GFI shareholders to tender their shares.
14:06 EDTBGCPBGC Partners raises all-cash offer to acquire GFI Group to $5.45 per share
Subscribe for More Information
December 18, 2014
16:09 EDTBGCPBGC Partners sees Q4 revenues for distributable earnings near high end of view
Subscribe for More Information
December 15, 2014
05:29 EDTBGCPBGC Partners agrees to acquire assets, subsidiaries of RP Martin
Subscribe for More Information
December 9, 2014
14:20 EDTBGCPBGC Partners extends tender offer to acquire GFI Group
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use