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.
February 20, 2015
06:07 EDTBGCPBGC Partners, GFI Group reach agreement, GFI board supports BGC offer
Subscribe for More Information
February 19, 2015
13:33 EDTBGCPBGC Partners says expects to reach consensual agreement with GFI Group
BGC Partners (BGCP) announced that it is engaged in discussions with GFI Group (GFIG) and expects to reach a consensual agreement related to its tender offer to purchase the shares of GFI for $6.10 per share. The proposed agreement would satisfy all of BGC's previously disclosed tender offer conditions. Howard Lutnick, Chairman and CEO of BGC, said, "We have been actively engaged in discussions with GFI and expect to reach an agreement on all of the tender offer conditions that we have been seeking over the last several months in order to complete our $6.10 per share all-cash offer. We continue to urge GFI stockholders to tender their shares by today's deadline to ensure that they receive the value to which they are entitled." The offer is scheduled to expire at 5:00 PM ET today, February 19.
February 18, 2015
06:04 EDTBGCPBGC Partners urges GFI Group holders to tender shares before expiration
BGC Partners (BGCP) urged GFI Group (GFIG) stockholders to tender into its $6.10 per share offer to purchase all outstanding shares of GFI before its expiration on February 19. The expiration date for the tender offer is 5:00 PM New York City time on February 19, unless extended.

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