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LONDON (Reuters) - British interdealer broker Tullett Prebon (L:TLPR) said on Tuesday it had been paid $100 million (£65.9 million) by U.S. rival BGC Partners (O:BGCP) to settle a court case in the United States over the alleged poaching of its staff by BGC.
Tullett's action in the New Jersey Superior Court made claims for racketeering, unfair competition, misappropriation of confidential information and trade secrets and tortious interference, the company said.
The settlement is in addition to the $33.3 million in damages BGC agreed to pay to Tullett in July last year following arbitration by the U.S. Financial Industry Regulatory Authority (FINRA).
Tullett said the agreement settled all outstanding litigation between the parties and included a clause preventing either party hiring desk heads and senior managers from the other for the next year.
Tullett and BGC had also previously clashed in a London court over poaching, with Tullett winning undisclosed damages. Anthony Verrier, a money market broker who moved from Tullett to BGC, was banned by Britain's financial watchdog for his role in the raid.