Cantor Fitzgerald Sued by Ex-Partners Over Non-Compete Terms (1)

Cantor Fitzgerald LP was sued by a group of ex-partners who want a judge to throw out non-compete restrictions they say were used to withhold at least $10 million in bonuses and partnership shares from them after they left the firm.

The group sued Cantor Thursday in federal court in Delaware for misusing restrictive language in 15 years of partnership agreements to wrongfully deny payments to firm defectors. The suit – which seeks class-action status — also targets partnership pacts for BGC Holdings LP and Newmark Holdings LP, which are tied to Cantor and contain the same restrictions.

Thursday’s ...