Cantor Fitzgerald and BGC Financial Found to Be in Breach of Contract
A FINRA arbitration panel ordered Cantor Fitzgerald & Co and BGC Financial LP to jointly pay about $1 million in damages to a former employee for breach of contract. The ex-employee alleged that Cantor Fitzgerald and BGC Financial failed to pay him agreed-upon amounts.
In addition, the FINRA panel found that the two companies breached employment agreement by substantially changing its terms when it closed floor operations of the Chicago futures division and failed to provide a reasonable substitute.
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