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Monday, 29 July, 2002, 11:37 GMT 12:37 UK
Cantor wins partial victory in broker row
Site of the World Trade Centre after the 11 September attacks
Hundreds of Cantor staff died in the 11 September attacks
Bond brokerage Cantor Fitzgerald has won a partial victory in its court battle to prove that a rival firm illegally poached three top staff.

The UK High Court ruled on Monday that Cantor's leading competitor ICAP "unlawfully induced" one of the three to defect, but threw out similar complaints relating to the other two.

The court, which is due to set penalties in September, is expected to impose a fine on ICAP.

Cantor, which is facing counter claims of constructive dismissal from two of the brokers, could also be forced to pay damages.

Recruitment 'heist'

And the broker found to have been illegally poached, who is being sued by Cantor for breach of contract, is likely to face financial penalties as well.

Cantor had accused ICAP of luring the three brokers away in the aftermath of the 11 September attacks, in which some 700 Cantor staff died.

Lawyers for Cantor described ICAP's recruitment drive as an exploitative 'heist' of key staff at a time when it was struggling to recover from the loss of most of its New York workforce.

Cantor separately sued all three brokers for breach of contract.

The case attracted strong media interest earlier this month when witnesses told the court that it was common practice for brokers to visit lap dancing clubs - an activity described as 'going whoring.'

See also:

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