Litigation update

Released : 13.11.2012 11:00

RNS Number : 9879Q
Tullett Prebon PLC
13 November 2012
 



Tullett Prebon plc (the "Company")

 

Litigation Update

 

On 22 March 2012 the Company announced that it had submitted a motion to the New York Court to confirm the arbitral award made by a tribunal of the American Arbitration Association in connection with claims by BGC that the Company's information sales subsidiary misused certain market data it was being supplied under a redistribution agreement.  The arbitrator's award is that the Company should pay BGC $0.8m plus interest at the statutory rate from 1 January 2010.  BGC's application for reasonable attorney's fees and costs was denied.  In response to the Company's motion, BGC cross moved seeking to vacate the arbitrator's award.

 

The Company announces today that the New York Court has granted the Company's motion to confirm the award and that BGC's motion to vacate the award has been denied.

 

 

Enquiries:

 

Nigel Szembel, Head of Communications, Tullett Prebon plc

Direct: +44 (0)20 7200 7722

 

 

 

 


This information is provided by RNS
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