Cantor Affiliates Sue to Seize Equity From Broker Who Defected

Cantor Fitzgerald LP affiliates Newmark Group Inc. and BGC Group Inc. are suing to seize equity from a commercial real estate broker who allegedly jumped to rival Cushman & Wakefield Inc. after secretly playing both sides for a year.

The lawsuit, made public Tuesday, seeks a court order forcing the forfeiture of shares and units awarded to Malcolm Crowther, who spent nearly a decade running Newmark’s multifamily capital markets business in three Midwestern states. His “clandestine efforts” to favor Cushman flagrantly breached noncompete and nonsolicit clauses, according to the court complaint.

The dispute echoes a recurring theme in Delaware’s business courts, which have devoted several novel rulings in recent years to partnership agreements that penalize breaches with forfeiture. The wave of decisions followed a landmark 2024 ruling by the state’s top court, which upheld clauses deployed by Cantor and its billionaire then-CEO, Howard Lutnick, who’s now serving as US Commerce Secretary.

Crowther referred business to Cushman, “openly disparaged Newmark " to clients, and “directly serviced numerous deals on behalf of Cushman throughout 2024, including by marketing properties, giving site tours, and meeting with prospective counterparties,” the new suit says. “Newmark lost millions of dollars in anticipated commissions on engagements that originated at Newmark.”

A spokesperson for Cushman, which isn’t named as a defendant, didn’t immediately respond to a request for comment Wednesday. Crowther couldn’t be reached for comment.

Cantor is no stranger to litigation in Delaware’s Chancery Court, the leading US forum for corporate disputes, where shareholders in recent years have challenged BGC’s restructuring, its acquisition of an affiliate, Lutnick’s bonus payments at Newmark, and a blank-check merger sponsored by the financial services giant. That’s in addition to the lawsuits brought by former partners over the forfeiture provisions.

Both BGC cases ended in victories for the brokerage, while the other cases led to settlements. Lutnick, who has a net worth of $3.1 billion, personally led Cantor, BGC, and Newmark until he stepped down to join President Donald Trump’s current administration. Cantor itself isn’t involved in the Crowther litigation.

The lawsuit, originally filed under seal July 23, seeks an order enforcing the forfeiture-for-competition clauses. Crowther “unquestionably crossed the line,” the filing says.

Newmark is represented by Young Conaway Stargatt & Taylor LLP. Crowther hasn’t yet made a court appearance.

The case is Newmark Holdings LP v. Crowther, Del. Ch., No. 2025-0857, complaint unsealed 7/29/25.