Tullett Prebon To Receive $100 Mln In Legal Settlement With BGC Partners

(RTTNews) - Tullett Prebon plc (TLPR.L) announces the settlement of the action taken by the Company and certain of its subsidiaries against BGC Partners Inc. (BGCP") in the New Jersey Superior Court, in response to the raid on the Company's business by BGC in the second half of 2009.

The company's action alleged claims for racketeering, unfair competition, misappropriation of confidential information and trade secrets, and tortious interference.

The company said it has entered into an agreement with BGC under which BGC will pay $100 million or 66 million pounds to the Company to settle the litigation in the New Jersey Superior Court.

In a prior ruling, the Judge had dismissed the Company's claim under the New Jersey racketeering law, and any damages that would have been awarded by the jury in the case would therefore not have been subject to trebling.

The settlement agreement also settles all other outstanding litigation between the parties, which will now be dismissed, and includes a clause that prevents either party hiring desk heads and senior management from the other for one year from the date of the agreement.

The $100 million settlement is in addition to the $33.3 million or 19.5 million pounds awarded to the Company's subsidiaries in the United States following the conclusion of the FINRA arbitration, which was announced in July 2014.

The exceptional item relating to the major legal actions between the Company and BGC that will be recognised in the 2014 financial statements, which does not include the $100million or 66 million pounds settlement, is expected to be a net credit of 3.1 million pounds.