BGC to sue Tullett Prebon over alleged data theft

12 November 2010

BGC Capital Partners (BGC) has launched legal action against Tullett Prebon claiming that it stole pricing data to make “hundreds of millions of dollars”.

According to a filing, BGC is suing the latter for misuse of proprietary US Treasury data which was provided as part of a joint venture the two firms collaborated on.

The former is suing Tullett Prebon on counts of unjust enrichment, unfair competition and computer fraud after they allegedly broke the terms of their agreement.

A spokesman for BCG, who was quoted by the Daily Telegraph, said: “BGC's proprietary information technology is the foundation on which our business is built. We believe by stealing our technology instead of building its own, Tullett benefited to the tune of hundreds of millions of dollars at our expense."

"We believe that for over five years, Tullett, including management at its highest corporate levels, thumbed its nose at the law and now has been found out.”

The accused firm is expected to defend itself against the charges and has yet to comment on the allegations.

By Jim Ottewill

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