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BGC Loses UK Appeal of Tullett Broker-Poaching Ruling

London’s Court of Appeal has rejected an appeal by interdealer broker BGC that it had not acted unlawfully when it conspired to poach senior staff from rival Tullett Prebon.

The judgment, handed down by Lord Justice Maurice Kay last Tuesday, found the ruling delivered by Mr Justice Jack in the High Court in March 2010 to be “meticulous”.

Mr Justice Jack determined that BGC, its president Shaun Lynn, and former senior Tullett Prebon executive Tony Verrier who had moved to BGC, were guilty of an unlawful conspiracy to poach teams of Tullett brokers and to use four Tullett Prebon desk heads to recruit their own desks of brokers to BGC. He also concluded that ten brokers who had walked out from their contracts with Tullett Prebon had acted unlawfully.

In a statement, Tullett Prebon says it “welcomed the judgement in the Court of Appeal which rejected all the appeals lodged by BGC following the UK Court’s finding in March 2010 that there had been a conspiracy between BGC, Tony Verrier and Shaun Lynn to poach Tullett Prebon employees.”

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