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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.
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September 23, 2014
17:04 EDTBGCPGFI, BGC Partners merger talks slowed by confidentiality dispute, Bloomberg says
GFI Group (GFIG) and BGC Partners (BGCP) are bogged down in a disagreement over confidentiality that is delaying formal talks for their proposed merger, says Bloomberg, citing a person familiar with the matter. Reference Link
September 18, 2014
07:33 EDTBGCPUBS to hold a conference
FinTech Conference to be held in New York on September 18.
September 15, 2014
09:29 EDTBGCPGFI Group responds to unsoliciated acquisition proposal from BGC Partners
GFI Group (GFIG) has received an unsolicited proposal from BGC Partners (BGCP) to acquire all the shares of common stock of the company for $5.25 per share in cash. The board of the company, upon the recommendation of its special committee, has determined in good faith, after consultation with outside legal counsel and independent financial advisors, that the Proposal could reasonably be expected to lead to a "Superior Proposal" as defined in the existing merger agreement with CME Group (CME). That determination allows the company to provide information to and conduct discussions and negotiations with BGC subject to the execution of a confidentiality agreement, but does not allow the company to terminate its agreement with CME or enter into any other agreement with BGC. The company's board of directors has not changed its recommendation with respect to, and continues to support, the pending transaction with CME.

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