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Tullett to fight on against BGC Partners

By Daily Mail Reporter
Updated: 05:54 EDT, 13 May 2011

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Broking giant Tullett Prebon vowed to pursue BGC Partners in the Asian and US courts after winning the first skirmish in its long-running poaching battle with its rival.

Tullett last month received undisclosed damages after BGC was found liable for unlawfully inducing ten of its London-based staff to break their job contracts.

Yesterday Tullett said the fight would continue in the US, where it claims 77 of its money brokers illegally moved to BGC. Similar actions will take place in Singapore and Hong Kong.

Shares in the group, run by City veteran Terry Smith, slumped 23.1p to 394.6p after warning that revenues fell 3% in the first quarter due to 'unsettled' markets.

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